Speed Post News Network
New Delhi : Union Commerce and Industry Minister Piyush Goyal on November 26, 2020, said that to become self-reliant, the Gems & Jewellery industry needs to re-think, re-orient, and re-design its practices and processes which will lead to further progress.
Addressing CII’s Digital Gems & Jewellery Conference on Self-Reliance in Jewellery: Mining, Manufacturing & Markets, Goyal said that Gem & Jewellery sector, through its consciousness about quality and price competitiveness, has been able to penetrate markets of USA, UAE, Russia, Singapore, Hong Kong, etc, and India is today well recognised the world over for its gem & jewellery sector, for the- CHARM they bring to products – COST effectiveness – CONSCIENTIOUS work.
Goyal said that the Covid pandemic tested the country’s resolve. The Gems and jewellery sector had taken a big hit. But, he added, that the recent exports and domestic figures of the sector show that the industry has used innovation, ingenuity and adoption to the new normal, to make a comeback. The industry has shown its ability to face the problem in a resolute manner.He said that Our gems & jewellery industry has a mindset which is contemporary in nature, which adopts with changing time and leverages our strengths across the world. “If we built upon our integrity, I have no doubt that we’ll be able to expand our markets and meet the world’s needs from India. This will involve adopting technology, innovation, and skill development,” Goyal added, according to a PIB release.
Assuring the industry of complete support of the Government in their efforts to achieve the pinnacle of success and the industry’s rightful place in global trade and in India, Goyal specifically pointed out that the government is happy to deliberate with industry to see how MSMEs can be supported in the sector.
“Majority of players in the Gems & Jewellery sector are MSMEs. We need to come forward to augment their efforts in marketing, packaging logistic, and access to low-cost finance. This can be done with joint participation and active involvement of associations from gems & jewellery industry. With the joint participation, we can support MSMEs in the sector,” Goyal added.
The Minister said that Prime Minister NarendraModi has said, “Time has come for India to make in India but make for the world.” He said that this is where partnership between Govt, industry associations, exporters, and international organisations can work towards making India hub of this business worldwide. “In this new normal, we have the potential to engage with the world in a bigger way and improve our advantages in this sector.”, he added.
Goyal said that the sector contributes about 7.5% of the country’s GDP, 14% to the nation’s exports, and provides employment to over 5 million people. He said that the India International Jewellery show, which was held virtually on the digital platform for the first time, was itself a very big demonstration of our industry’s ability to face any adversity. He said that various suggestions of the sector on duties, SEZs, refund of taxes, logistics, financing, etc are being looked into.