India has the potential to become the world’s largest gems and jewellery exporter, commerce and industry minister Piyush Goyal said at the inaugural event of the five-day India International Jewellery Show on Thursday.
The country can be a proficient lab-grown diamond maker, impeccable design centre and technologically advanced machinery manufacturer, he said.
“It’s time we embark on the journey to realise our true potential and show our prowess to the world,” said Goyal.
The five-day exposition comprises about 1,500 exhibitors and 3,000 stalls.
The largest jewellery trade show in the country kicked off against the backdrop of a consistent surge in gold prices in the domestic market and a sluggish exports market.
Sharing his outlook on the market, Vipul Shah, chairman, Gem & Jewellery Export Promotion Council said gold prices are set to skyrocket further due to a combination of factors, the most important being the “de-dollarisation trend” which is prompting people across the world to invest in gold as an asset class. Geopolitical factors will also contribute to the prices going up further, he said.
Meanwhile, exports which fell 20-22% year-on-year in the first nine months of this financial year, are likely to end the fiscal with almost a 25% decline year-on-year, said Shah.
Goyal said massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with modern machinery and equipment. The infrastructure impetus can empower micro, small and medium enterprises in the gems and jewellery industry to build global competitiveness and expand their business in a modern and efficient environment, he said.
Following the success in Dubai after the India-UAE Comprehensive Economic Partnership Agreement, the government is planning to open a new India Exposition Centre in Hong Kong to gradually spread its wings to capture world markets, said Goyal.
