NEW DELHI, Nov 28 (NNN-PTI) – India’s exports of gems and jewellery, during the first seven months of this financial year (up to Oct), were 23.62 billion U.S. dollars, as compared to 11.69 billion U.S. dollars in the last financial year, said the country’s Commerce and Industry Minister, Piyush Goyal, yesterday.
He said that, India can emerge as the largest diamond trading hub in the world.
In a video message during the inauguration ceremony of “Gems & Jewellery Manufacturing Show –2021,” Goyal said that, the federal government has declared the gems and jewellery sector, as a focus area for export promotion.
According to him, the federal government has taken various measures to promote investment for growth of the sector, such as the Revamped Gold Monetisation Scheme and reduction in import duty of gold.
“We should make our products a benchmark of quality, to further expand in new markets and deepen presence in existing ones.”
He laid out four points to make the country’s Gems and Jewellery a pioneer industry in the world: focus on design, diversification of export products, collaboration with other nations for cost-effective methods, to enhance production of fusion jewellery, and promote lab-grown diamond.– NNN-PTI
Goyal said this sector embodies the spirit of New India, contributing about 7 percent of India’s total gross domestic product (GDP) and employing more than 5 million workers.
