India’s gem and jewellery industry received a significant boost as Union Minister Piyush Goyal inaugurated the Bharat Ratnam – Mega Common Facility Center (CFC) at SEEPZ. This cutting-edge facility, a collaboration between the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ, represents a milestone for the sector, showcasing advanced infrastructure and global-standard technological capabilities.
The event, held on June 29th, 2024, was attended by dignitaries including Shri Dnyaneshwar B. Patil, IAS, Shri C.P.S Chauhan, IRS, as well as industry leaders like Shri Kirit Bhansali and Shri Colin Shah. Minister Goyal emphasized the CFC’s role in realizing Prime Minister Narendra Modi’s vision of Aatmanirbhar Bharat, highlighting its contribution to skilled employment with 200 students already benefiting.
Minister Goyal expressed optimism about India’s export potential despite global challenges, aiming for USD 800 billion in exports. He highlighted efforts to expedite Free Trade Agreements (FTAs) with various countries to boost exports and enhance market access for Indian jewellery globally.
Vipul Shah, Chairman of GJEPC, credited recent FTAs for substantial export growth, notably citing a 107.2% increase in plain gold jewellery exports to USD 4,528.66 million in FY 2023-24 following agreements like the India-UAE CEPA and India-Australia ECTA.
Kirit Bhansali, Vice Chairman of GJEPC, praised Minister Goyal’s leadership in launching initiatives like the Mega CFC, seen as pivotal in achieving the industry’s ambitious USD 75 billion export target. He highlighted the forthcoming India Jewellery Park in Mumbai, expected to attract investments exceeding Rs. 50,000 crores and generate over 100,000 jobs.
The event also featured presentations from key stakeholders. Shri Subir Das of ECGC discussed initiatives supporting industry growth, while Shri C.P.S Chauhan outlined SEEPZ’s projects to enhance operational efficiency. Dr. Unnat P. Pandit from the India Patent Office emphasized the sector’s potential as a global innovation hub.
Under GJEPC’s leadership, initiatives continue to promote Indian jewellery globally, including organizing India Pavilions at major international trade fairs and facilitating Buyer Seller Meets. The inauguration of the International Jewellery Exposition Centre (IJEX) in Dubai has notably boosted visibility for Indian MSMEs in the jewellery sector.
Looking ahead, the 40th edition of the India International Jewellery Show (IIJS) Premiere in August 2024 promises to be a major event with over 3,600 stalls and 2,100 exhibitors, reinforcing India’s role in the global jewellery market.
Minister Piyush Goyal’s visit to the Bharat Ratnam – Mega CFC underscores India’s commitment to nurturing a dynamic gem and jewellery industry. With strategic investments, policy support, and international partnerships, the sector is poised for robust growth, contributing to economic prosperity and global competitiveness in the years ahead.
