Mumbai, India—Union Minister Piyush Goyal recently inaugurated the Bharat Ratnam – Mega Common Facility Center (CFC) at SEEPZ, marking a significant milestone for India’s gem and jewellery sector. This advanced facility, developed in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ, showcases cutting-edge infrastructure and technological capabilities on par with global standards.
Event Highlights
The inauguration on June 29, 2024, was attended by prominent dignitaries including Shri Dnyaneshwar B. Patil, IAS, Shri C.P.S Chauhan, IRS, and industry leaders such as Shri Kirit Bhansali and Shri Colin Shah. Minister Goyal emphasized the CFC’s role in achieving Prime Minister Narendra Modi’s vision of an Aatmanirbhar Bharat, noting that 200 students have already benefited from its operations.
Boosting Exports Amid Global Challenges
Minister Goyal expressed confidence in India’s export potential despite global challenges, setting an ambitious target of USD 800 billion in exports. He highlighted ongoing efforts to expedite Free Trade Agreements (FTAs) with various countries, aimed at enhancing global market access for Indian jewellery.
Impact of Recent FTAs
Vipul Shah, Chairman of GJEPC, noted the transformative impact of recent FTAs, particularly the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA). These agreements have significantly boosted exports, with plain gold jewellery exports rising by 107.2% to USD 4,528.66 million in FY 2023-24.
Future Growth Prospects
Kirit Bhansali, Vice Chairman of GJEPC, praised Minister Goyal’s leadership in initiatives like the Mega CFC, which are expected to help achieve the industry’s target of USD 75 billion in exports. Bhansali also highlighted the upcoming India Jewellery Park in Mumbai, which is projected to attract investments exceeding Rs. 50,000 crores and create over 100,000 jobs, further propelling the sector’s growth.
Stakeholder Contributions
The event featured presentations from key stakeholders. Shri Subir Das of ECGC discussed recent initiatives to support industry growth, while Shri C.P.S Chauhan detailed SEEPZ’s infrastructural projects aimed at enhancing operational efficiency. Dr. Unnat P. Pandit from the India Patent Office emphasized the sector’s potential as a global innovation hub.
Promoting Indian Jewellery Globally
Under GJEPC’s leadership, efforts to promote Indian jewellery globally continue to be robust. Initiatives include organizing India Pavilions at major international trade fairs and facilitating Buyer Seller Meets in key markets. The International Jewellery Exposition Centre (IJEX) in Dubai, inaugurated under Minister Goyal’s patronage, has significantly enhanced global visibility for Indian MSMEs in the jewellery sector.
Upcoming Events
The 40th edition of the India International Jewellery Show (IIJS) Premiere, scheduled for August 2024, promises to be a landmark event with over 3,600 stalls and 2,100 exhibitors. This premier B2B platform is set to attract a diverse global audience, reaffirming India’s stature as a leader in the global jewellery market.
Conclusion
Minister Piyush Goyal’s visit to the Bharat Ratnam – Mega CFC underscores India’s commitment to fostering a vibrant gem and jewellery industry. With strategic investments, policy interventions, and international collaborations, the sector is poised for dynamic growth, driving economic prosperity and reinforcing its global competitiveness in the coming years.
