Union Minister of Commerce & Industry Piyush Goyal felicitates top exporters at the 49th India Gem & Jewellery Awards

Gem and Jewellery Industry has left its mark worldwide & achieved good results despite challenging global economic climate : Piyush Goyal

Union Minister of Commerce & Industry Piyush Goyal attended the 49^th edition of the India Gem & Jewellery Awards in Mumbai. Organized by the the Gem & Jewellery Export Promotion Council (GJEPC), the event honours top exporters of the sector. The Union Minister felicitated 28 top exporters and facilitators during the award ceremony, which also had the presence of Frank Geerkens, Consul General of Belgium in Mumbai as Guest of Honour.  Chairman GJEPC, Vipul Shah, Senthilnathan, Chairman and Managing Director Export Credit Guarantee Corporation (ECGC), Shyam Jagannathan, the Development Commissioner of Santacruz Electronic Export Processing Zone (SEEPZ) and other senior Government officials were among the dignitaries present.

In his keynote address, Shri Piyush Goyal congratulated GJEPC for successfully organizing the awards ceremony and for giving him the opportunity to address the leaders of the Gem and Jewellery industry. He stated that he hopes all the award winners and aspirants will continue to work together in the true spirit of competition to persevere and to make the Industry and the country proud. The Union Minister complimented the industry for leaving its mark all around the globe and for achieving good results despite an unfavourable global economic climate.  Shri Goyal also recognized the important role played by SEEPZ to ensure orderly growth of exports across sectors in the country.

Speaking on the Gems and Jewellery industry, Union Minister Piyush Goyal stated that the designs, aesthetics and blend of tradition and modernity the industry’s products reflect establish that India has truly arrived. He expressed confidence that the Gems and Jewellery industry will continue its growth story creating millions of jobs and opportunities for the youth of the country. “We in Government are trying our best to ensure that ease of doing business is improved, so that industries like yours continue to carry out business honestly and efficiently”, added the Union Minister.

The Minister went on to say that the spirit of cooperation and friendship even amidst tight competition is what differentiates the Gem and Jewellery industry from others. He described how Prime Minister Narendra Modi’s visionary leadership gives the Government the strength and determination to ensure that India becomes a developed and prosperous nation by 2047, the 100th year of Independence.

Shri Vipul Shah, Chairman, GJEPC, congratulated Union Minister Piyush Goyal for the monumental achievement of $770 billion in aggregate exports combining both merchandise and services from India for the financial year 2022-23. Thanking the Government for India the Comprehensive Economic Partnership Agreement (CEPA)  with the UAE and India-Australia Economic Cooperation and Trade Agreement, GJEPC’s Chairman expressed hope that the free trade agreements with the U.K., Canada and EU, which are being negotiated, will help exporters to touch the US$ 1 trillion mark in exports.

GJEPC Chairman  Vipul Shah further said, "The mega common facility centre (CFC) which is coming up in SEEPZ, Mumbai with an investment of Rs. 100 crore from Govt. is a vision of the Union Minister Shri Piyush Goyal to modernize the sector and help the medium and small-scale units with latest technology. The Centre which is being built with direct supervision and patronage of the minister is planned to be inaugurated in September this year. It will be operated and run by the Council. A special committee and Secretariat is already been set up for this by the Council which is coordinating with SEEPZ authorities on a daily basis to commission this in record time". GJEPC has already started building one of the largest jewellery parks in the world in Navi Mumbai, added GJEPC Chairman Vipul Shah as he sought the Union Commerce and Industry Ministry’s guidance in setting up this establishment which seeks to transform Indian exports of jewellery in line with that of Turkey or Italy.

For the FY 2022-23, the overall gem & jewellery exports grew 2.48% to Rs. 300462.52 crores as compared Rs. 293193.19 crores for the same period previous year. In terms of US dollars, the overall gem & jewellery exports accounted for US$ 37468.66 million as compared US$ 39331.71 million for the same period last year.

To keep pace with the changing business landscape, the 49th edition of the award ceremony featured new Award categories such as Maximum number of clients, Lab Grown Diamonds, and Innovation in the field of Technology, New business model, service sector, patent, digital, e-commerce. In addition to recognizing companies that exhibit business excellence and contribution to the promotion of "Brand India," the GJEPC also awarded Woman Entrepreneur of the Year, and Banks financing the industry.

About The Gem and Jewellery Export Promotion Council (GJEPC)

The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 9000 members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.

Export promotion strengthened through trade agreements and government-backed infrastructure to modernize industry capacity. Government support and trade facilitation for the gems and jewellery export sector are reinforced through coordinated policy measures, infrastructure investment, and negotiated market access. A government-backed Common Facility Centre at SEEPZ, supervised by the Council and Ministry, is intended to modernize capacity and support small and medium enterprises. The GJEPC, established by the Commerce Ministry and granted autonomous status, functions as the apex export promotion body coordinating outreach, member services, and initiatives aligned with ease-of-doing-business objectives.