Tuesday, May 30, 2023

The Gem & Jewellery Export Promotion Council (GJEPC) organised the 49th edition of the India Gem & Jewellery Awards (IGJA) in Mumbai. Hon’ble Chief Guest Shri Piyush Goyal Hon’ble Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution & Textiles, Government of India, felicitated 27 top Gem & Jewellery exporters  during the award ceremony. The 49th edition of IGJA was powered by GIA and co-partnered by ECGC.  Mr. Frank Geerkens, Consul General of Belgium in Mumbai, was the special guest of honour. Also present on the occasion was Shri Vipul Shah, Chairman, GJPEC; Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Nilesh Kothari, Co-Convener, PMBD, GJEPC; Mr. Sabyasachi Ray, Executive Director, GJPEC amongst others.

Addressing the audience at the India Gem & Jewellery Award, Shri Piyush Goyal Hon’ble Commerce & Industry Minister said, “Time reflects Technology, Innovation, Modernity, and Entrepreneurship. It is for each one of us present here and other stakeholders of your industry to grasp the opportunity, as Prime Minister Modi had said, yeh hi samay hai, sahi samay hai. This is the moment and the world is looking up to all of you. I’m sure that your entrepreneurial spirit with your abilities to engage with a modern world in a modern way with innovation, new ideas, new ways of budgeting your product and brand, designing new products using technology — lab-grown diamonds being a case in point — I’m sure you will grab this opportunity and unleash the true potential of the gem and jewellery sector with help of the several initiatives that the government has undertaken.”

Piyush Goyal further added, “Our exporters have achieved a remarkable feat by generating USD 770 billion in exports during the most challenging times. This accomplishment is a testament to the hard work and resilience of all the stakeholders involved. As we move forward, we are confident that our sector will continue to grow and expand, and we are setting our sights on the ambitious target of reaching USD 2 trillion in exports within the next few years.”

“The gem and jewellery industry should leverage its rich heritage of design and craftsmanship to propel itself to new heights in the global market.” adds Piyush Goyal.

Welcoming all the dignitaries, Shri Vipul Shah, Chairman, GJEPC, congratulated Union Minister Shri Piyush Goyal ji for the monumental achievement of $770 billion in aggregate exports combining both merchandise and services from India for the financial year 2022-23.

Speaking about the exporter performance for the FY 2022-23, Vipul Shah, Chairman, GJEPC said, “We are immensely grateful to the Govt. for the India UAE CEPA Agreement that has resulted in multifold increase in gold jewellery  exports  to Middle East. To mark one year of signing of India UAE CEPA, GJEPC will be opening India Jewellery Expositions or IJEX Dubai, the 365 days exhibition from 5th of May 2023.”

Shah further added, “India is the world leader in diamond and diamond jewellery manufacturing and exports. To maintain this leadership position, it is important that Govt. facilitates import and sale of rough diamonds from SNZs in India. I request the Govt. to allow diamond cutting and polishing and exports under MOOWR scheme; and also urge that FTP reintroduces the para on Diamond Imprest license to provide a level playing field.” 

“India should also take the advantage through policies like robust property transfer policy at SEZ, reverse job work policy for SEZ, a robust job work policy, bill to ship to facility for manufacturers in SEZ which will see more foreign jewellery manufacturing companies invest in India. I would urge the Government to introduce an FDI policy for the sector so that firms which are investing in Vietnam or Combodia can also look at India as a destination.”

Talking about Jewellery Park that is being set up by GJEPC in Mumbai, Shri Kirit Bhansali, Vice Chairman, GJEPC said, “The Jewellery Park in Mumbai will be in line with manufacturing clusters in Tukumcuyk in Turkey, Shenghen in China or DMCC in Dubai. The construction will commence very soon to handover the premises to the applicants by 2025-26. We have already got bookings of 166,000 sq. feet of built up space.”