India could emerge as largest diamond trading hub in the world: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Saturday said that India can emerge as the largest diamond trading hub in the world as the exports of gems and jewellery has doubled this financial year.

In a video message during the Inauguration Ceremony of Gems and Jewellery Manufacturing Show-2021, Goyal said, “In the first seven months, up to October 2021, the export was 23.62 billion dollars, as compared to 11.69 billion dollars (+102.09 per cent) for the same period in the previous year,” while informing that the Government has declared the Gems and Jewellery sector as a focus area for export promotion.

“We have established ourselves as the largest player in diamond cutting and polishing, we can become the largest international diamond trading hub,” he said.

“Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA, Russia, Singapore, Hong Kong and Latin America,” he added.

The Union Minister also said that the Government has taken various measures to promote investment for the growth of the sector like the Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking.

“We have the best artisan force for designing and crafting in the world, there is a need to focus on strengthening creativity and systematic skill development of artisans,” he said while adding that India should make its products a benchmark of quality, “to further expand in new markets and deepen presence in existing ones.”

Stating that India’s Gems and Jewellery sector is known all over the world for its Charm and Cost Effectiveness, Goyal said the sector embodies the spirit of New India, contributing about 7 per cent of India’s total Gross Domestic Product (GDP) and employing more than 50 lakh workers.

“Our jewellers have mastered the art of diamond manufacturing and jewellery making and have made it a shining example of ‘Make in India’,” he said while mentioning that the sector has the potential to realise the goal of “Local Goes Global and Make in India for the World” and become the driving force of New India.

Courtesy: Business Standard