Union Minister Jaishankar pledges strategic support to gem and jewellery exporters at meeting in Mumbai

At a meeting with members of the Gem & Jewellery Export Promotion Council (GJEPC) at the Bharat Diamond Bourse, the Minister addressed concerns about the shrinking American market and fluctuating global demand

Mumbai: Union External Affairs Minister S. Jaishankar has assured a delegation of India’s gem and jewellery exporters that they will have complete governmental support as they take on challenging global market conditions.

At a meeting with members of the Gem & Jewellery Export Promotion Council (GJEPC) at the Bharat Diamond Bourse, the Minister addressed concerns about the shrinking American market and fluctuating global demand.

A GJEPC media release detailed Jaishankar’s emphasis on strengthening industry-government collaboration and encouraging direct business engagement with international counterparts.

The Minister acknowledged the diamond industry’s technological progress while addressing the impact of G7 sanctions on diamonds. He noted that the Government is actively working to address declining exports and develop strategic policies to position India favourably despite current global economic challenges.

GJEPC Chairman Vipul Shah emphasised the industry’s reliance on the Ministry of External Affairs for strategic support, particularly requesting assistance from diplomatic missions abroad to promote Indian gems and jewellery globally.

Shah highlighted the importance of enhancing market access and strengthening India’s global presence in the sector.

Recent data indicates significant market challenges, with gem and jewellery exports reaching $ 2.5 billion in September 2024, marking a 15.9% decline compared to the previous year’s figures of $ 3 billion. This downturn underscores the pressing need for strategic intervention and support from government authorities.

Retail Jeweller India News