The Gems and Jewellery sector is expected to achieve an export target of $ 40 billion this year, Minister for Commerce & Industry Piyush Goyal said today.
He said the sector is likely to register a growth of 6.5 per cent over the pre-Covid levels.
Goyal was addressing the inaugural ceremony of the India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC).
Describing the Gems & jewellery sector as a strong pillar of the Indian economy, he said, “Our Gold and Diamond trade contributes about 7 per cent to our GDP and employs over 50 Lakh people. The exports already stand at $ 32 billion this year until January.”
The minister said that under the leadership of Prime Minister Narendra Modi, India wants to make its gems and jewellery sector self-reliant. The government, he noted, has declared the gems and jewellery sector as a focus area for export promotion.
He said the Union Budget 2022 has paved the road for the sector to grow and expand India’s footprint in Global G&J trade:
Goyal encouraged the gems and jewellery industry to aim to be a global champion by achieving bigger and bolder targets in domestic production as well as overseas sales.
About 850 exhibitors have displayed products in over 1,450 booths in the exhibition. The show has drawn over 14,000 pre-registered visitors including more than 400 international visitors, buyers and delegations from the US, UAE, Egypt, Nepal and Uzbekistan.