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India’s gem & jewellery industry poised to touch $100 billion mark in next few years: Mukesh Ambani

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India’s gem & jewellery industry poised to touch $100 billion mark in next few years: Mukesh Ambani

Addressing a gathering at the GJEPC’s 50th India Gem & Jewellery Awards function, the leading industrialist lauded the GJEPC for championing the cause of Indian gems and jewellery on the global stage, nurturing research, facilitating skill development and generating employment in the sector

Mumbai: Leading industrialist Mukesh Ambani, Chairman & MD, Reliance Industries, has expressed confidence in the gems and jewellery industry, and said it will definitely cross the $100 billion mark over the next few years. Addressing a packed hall at the Gem & Jewellery Export Promotion Council (GJEPC)’s 50th India Gem & Jewellery Awards (IGJA) function, Ambani said, “I admire all that diamond exporters have achieved as you represent the true meaning of entrepreneurship and enterprise. Evolving remarkably over the years, the gem and jewellery industry has emerged as a leading player in the global luxury market, as well as a pivotal contributor to India’s export economy. It has also become a major generator of large-scale employment opportunities. Thanks to this industry’s unremitting focus on innovation-led growth, the world today stands in awe of the power of Indian design, the creativity of Indian designers, the quality of Indian materials, and the sheer range of India’s aesthetics in products that cater to diverse customers. As a result, the industry is poised to more than double its share in the global market in the coming years. At the heart of this success lies GJEPC’s relentless efforts and visionary leadership that has propelled the industry to such lofty heights. The GJEPC has championed the cause of Indian gems and jewellery on the global stage, and has also played a crucial role in nurturing research, ensuring sustainable practices, and facilitating skill development within the sector. I am confident that with the GJEPC continuing to provide strategic guidance and encouraging innovation, India’s gem & jewellery industry will touch the $100 billion mark within the next few years.”

Every year, IGJA honours the companies and partners that have contributed to make exports excellent, and has embraced new categories, including social responsibility, innovation and entrepreneurship, reflecting the dynamic nature of the industry.  Russell Mehta, MD, Rosy Blue (India), was bestowed with the Lifetime Achievement Award.

Ramesh Bais, Governor, Maharashtra, was the chief guest at the awards ceremony with Mukesh Ambani as the Guest of Honour. Vipul Shah, Chairman, GJEPC, Kirit Bhansali, Vice Chairman, GJEPC, Anoop Mehta, President, Bharat Diamond Bourse, Milan Chokshi, Convener, Promotions & Marketing, GJEPC, Sabyasachi Ray, Executive Director, GJEPC, Sriram Natarajan, Managing Director, GIA India, were present on the occasion, along with captains and doyens of India’s gem & jewellery exports industry.

Speaking at the event, Vipul Shah, Chairman, GJEPC, said, “Today, India stands tall as a global leader in the gems and jewellery sector. Our exports continue to rise, our domestic market flourishes, and our artisans inspire the world with their intricate creations. This progress is a direct reflection of the hard work, dedication, and collective vision of the industry stakeholders. GJEPC’s dedication in championing and advancing this dynamic industry has been pivotal in solidifying India’s stature as a key player in the global gem and jewellery market. The global marketplace is dynamic, and the Indian gem and jewellery industry must embrace innovation, sustainability, and responsible sourcing to maintain its competitive edge.”

Kirit Bhansali, Vice Chairman, GJEPC, said, “Over the past five decades, our industry has come a long way, growing stronger with each passing year. Today, India is the preferred sourcing destination for gems and jewellery for the world. The impressive annual exports of the gem and jewellery industry, valued at $40 billion, showcases the dedication and ambition of every exporter who dared to dream big.”

Sriram Natarajan, Managing Director of GIA India said, “The dedication and commitment shown by GJEPC in recognizing excellence within the gem and jewellery sector is truly commendable. We collaborate with GJEPC on several key initiatives that help in ensuring the continued growth and prosperity of the Indian gem and jewellery industry.”

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