Reforms in gold industry to help achieve export target of US$ 43.75 bn: MoS Anupriya Patel

Anupriya Patel, Minister of State for Commerce and Industry, expressed her delight at the fact that India has risen to the top of the diamond manufacturing and export rankings despite the absence of considerable domestic raw material production. In addition to gold and silver jewellery, coloured gemstones, and synthetic stones, India is a major exporter of these items. As a result, the gems and jewellery industry is an excellent example of the Honourable Prime Minister's objective of "Make in India."

She stated that the Gems and Jewellery sector was one of the worst-affected in India during the Covid-19 pandemic. Exports fell by a record 98 % in 2020 due to the country's entire lockdown. The Gems and Jewellery business is one of the most important sectors of the Indian economy, contributing over 7% of GDP, 10-12% of total merchandise exports, and being one of the top industries in terms of job creation. The industry has been employing approximately 5 million skilled and semi-skilled workers.

MoS Anupriya Patel on export target of US$ 43.75 billion this year of gems and jewellery 

Patel stated that she is confident that this will assist the industry in transforming and propel exports to new heights. This would assist the industry in meeting its export goal of US$ 43.75 billion this year, as well as the GJEPC's goal of increasing gem and jewellery exports to USD 75 billion in the following years. She stated that the IIJS Premiere is the country's largest B2B show in the gems and jewellery sector and the first show organised by GJEPC in a physical format since the outbreak of COVID-19. She wished the 37th edition of the IIJS Premiere great success as well. She had previously announced that India's exports to ASEAN nations in FY 21-22 were worth $46 Billion. 

“I am confident that the show would provide platform to Indian jewellery manufacturers to showcase versatile jewellery crafted with the highest standards of design and finish and also to work with retailers, enabling them to gain insights into demand trends and product designs. On the other hand, the show would cater to the sourcing needs of the domestic and international buyers before the start of the festive season,” she said.

Gold Monetisation Scheme: Reduction in import duty of gold to aid industry growth

As the apex body of gems and jewellery exporters, the Gem Jewellery Export Promotion Council (GJEPC) has taken prompt action to interact with the industry constantly, understand their needs, and work closely with the government. GJEPC will be working to devise the necessary measures for sustaining, surviving, and reviving the industry, even in the face of Covid-19. The government has implemented several policy reforms as per a government release. These include a revamped Gold Monetisation Scheme, a reduction in gold import duty, hallmarking, and other initiatives that will help the industry reach its full potential. Other issues raised by GJEPC and the industry regularly are also being investigated and are expected to be solved soon. Last year, the GJEPC organised several virtual trade events, including virtual Buyer Seller Meets, virtual IIJS, virtual International Gems & Jewellery Show (e-IGJS), India Global Connect, and Webinars, with the support of the government. As the pandemic subsided and global markets opened up, these initiatives aided the industry's quick recovery.

Image: PTI