Indian gem and Jewellery export is to touch 75 billion USD mark by 2024

ST Bureau ;Kolkata, 30 January : The export of gem and Jewellery from India is poised to touch a staggering 75 billion USD mark by 2024 from the present of figure 40 billion USD following the enhancement of productivity and improving their quality at par with the best in the world.

This was stated here by Rupa Dutta ,Economic Advisor, in the Union Ministry of Commerce and Industry at the Ground-Breaking ceremony of the country’s 5th Common Facility Centre (CFC) for gem and Jewellery industry in the city today.

Being built at a cost of over Rs 25 crore by the Gem and Jewellery Export Promotion Council (GJEPC) in association with the Ministry of Commerce and Industry within the next two years, this unique Common Facility Centre would come up after similar such facility had already been set up at Amreli, Palanpur, Visnagar and Junagadh in Gujarat.

This would be constructed to further enhance the productivity and quality of products, especially by the small gem and Jewellery units set in the City of Joy and its surrounding areas.

Apart from Rupa Dutta others dignitaries present on the auspicious occasion were Senthil Nathan ,Deputy Secretary in the Union Ministry of Commerce and Industry,Pramod Agrawal, Chairman, GJEPC and Prakash Pincha, Regional Chairman, Kolkata, GJEPC.

Praising the role of GJEPC and the Swarna Shilpa Bachao Samiti (SSBC) for setting up this Common Facility Center at the city’s main jewellery hub in Bow Bazar area in Central Kolkata, Dutta said like the four other similar centres, this one would also go a long way towards greatly enhancing the productivity by maintaining top quality specially by the city’s hundreds of small gem and Jewellery units.

Terming the gem and Jewellery industry as an ‘important contributor’ to the national economy, the Commerce ministry Advisor said since it employed over 5 million people in the MSME sector and make them contributors to the country’s exports scenario, such Common Facility Centre could play an ideal role to help the small and micro units get easy access to capital-intensive facility which was ‘beyond their investment capacity’.

‘At the end such initiatives can surely boost Indian exports of gem and Jewellery to the tune of over 75 billion USD within the next four to five years’, she said.
Also speaking on the occasion here this afternoon Pramod Agrawal said, “India is a leading player in the global gem and jewellery market. To sustain its leadership, GJEPC has been facilitating the industry especially the MSMEs who are the backbone of the industry, with modern machines and tools at affordable prices at Common Facility Centers. ‘Currently the artisans are manufacturing jewellery on make to order basis for retail jewellers or wholesale manufacturer using old technology’, he said and hoped that by using latest technologies such as casting technology, finishing techniques including those tumbling, magnetic polisher the craftsmen would be greatly benefitted.

‘Our effort is to give small and medium jeweller manufacturing unit holders access to a common platform where they could take benefit of the equipment globally used in Jewellery industry, thus improve their overall performance when it comes to manufacturing Jewellery’, Agarwal pointed out
According to Prakash Chandra Pincha, GJEPC, Eastern Regional Chairman, “To remain competitive in the current world market, where modern technology is being used extensively, it has become imperative that we give our artisans and karigars access to modern machines and tools for manufacturing jewellery.

Later during an interaction on the sidelines of the meet, Senthil Nathan ,Deputy Secretary in the Commerce ministry referred to the unique skill and capabilities of Bengal artisans both in terms of jewellery design and manufacturing.

‘Kolkata is the national jewellery capital, known for making quality and high-class designs in handmade jewellery’, he said and hoped that the CFC would provide them with further opportunity to produce world class jewellery keeping their process losses minimized.