India can emerge as the largest diamond trading hub in the world, says Shri Piyush Goyal

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today said 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”, organised by the Surat Jewellery Manufacturing Association (SJMA), Shri Goyal said the Government has declared the Gems & Jewellery sector as a focus area for export promotion.

“We have established ourselves as the largest player in diamond cutting & polishing, we can become the largest international diamond trading hub,” he said.

Exports of gems and jewellery this FY in the first 7 months upto October’ 21 was $ 23.62 bn, as compared to $ 11.69 bn (+102.09%) for the same period previous year.

“Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA, Russia, Singapore, Hong Kong and Latin America,” he said.

Shri Goyal said the Government  has taken various measures to promote investment for growth of the sector, – Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking.

“We have the best artisan force for designing and crafting in the world, there is a need to focus on strengthening creativity & systematic skill development of artisans,” he said, adding, “We should make our products a benchmark of quality, to further expand in new markets & deepen presence in existing ones.”.

Shri Goyal laid out four points to make India’s Gems & Jewellery a pioneer industry in the world:

1. Focus on Design (creation of patented designs) in order to increase value add of our products and make our manufacturing more profitable.

2. Diversification of export products: Emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc.

3. Collaboration with other nations for cost-effective methods to enhance production of fusion jewellery.

4. Promote Lab-Grown Diamond: They are environment friendly & affordable and will contribute to India’s export as well as generate employment.

Shri Goyal said Surat is, perhaps, one of the fastest growing cities in the world and is home to more than 450 organised jewellery manufacturers, importers & exporters. It has the potential to become the jewellery manufacturing hub of the world, he added.

“I visited the Diamond Bourse in September on the day of the Honourable Prime Minister’s birthday and I was impressed by the efforts put to create the world’s largest office building which will serve as the hub of all Diamond trading activities. It is an example of Prime Minister’s Aatmanirbharta and your Aatmavishwas. It is a testament of the fact that if we are willing enough we can do anything on our own. Jewellers are woven into the fabric of our nation. People don’t just spend money when they buy gold & jewellery in our country but invest their life’s savings when they do so. Jewellers are the repositories of trust and faith of our people,” said Shri Goyal.

The Minister said, the SJMA, since its inception in 2016, has championed the cause of improving the jewellery industry in Surat. “Their ‘Make in Surat’ programme has facilitated innovation & promoted skill development to build a robust jewellery manufacturing ecosystem.”

Stating that India’s Gems & Jewellery sector is known all over the world for its Charm & Cost Effectiveness, Shri Goyal said this sector embodies the spirit of New India, contributing about 7% of India’s total GDP & employing more than 50 lakh workers. “Our jewellers have mastered the art of diamond manufacturing & jewellery making and have made it a shining example of ‘Make in India’,” he said.

Quoting a proverb, “Progress is impossible without change, and those who cannot change their minds cannot change anything”, Shri Goyal said our G&J sector has the potential to realise the goal of “Local Goes Global and Make in India for the World” and become the driving force of New India. “For progress there is a need for change in mindset,” he said.