Union Minister Piyush Goyal recently inaugurated the Bharat Ratnam – Mega Common Facility Centre (CFC) at SEEPZ, reaffirming India’s commitment to strengthening its gem and jewellery industry. This cutting-edge facility, a collaboration between the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ, represents a watershed point in the industry’s history, demonstrating advanced infrastructure and technological capabilities that are on par with worldwide norms.
Eminent dignitaries, including Shri Dnyaneshwar B. Patil, IAS, Shri C.P.S Chauhan, IRS, and industry executives such as Shri Kirit Bhansali and Shri Colin Shah, attended the occasion on June 29th, 2024. Minister Goyal emphasized the CFC’s importance in attaining Prime Minister Narendra Modi‘s goal of an Aatmanirbhar Bharat, particularly its role in generating skilled employment, with 200 students already benefiting from its operations.
Addressing the audience, Minister Goyal expressed confidence in India’s export potential despite global problems, setting a target of USD 800 billion in exports. He emphasized ongoing efforts to accelerate Free Trade Agreements (FTAs) with several nations, which aim to promote exports and improve worldwide market access for Indian jewels.
Vipul Shah, Chairman of GJEPC, highlighted the transformative influence of recent free trade agreements, citing significant increases in exports following agreements such as the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA). These agreements have increased plain gold jewelry exports by an astonishing 107.2% to USD 4,528.66 million in FY 2023-24.
Kirit Bhansali, Vice Chairman of GJEPC, praised Minister Goyal‘s leadership in driving initiatives such as the Mega CFC, describing it as a game changer that will help the industry meet its ambitious aim of USD 75 billion in exports. Bhansali also mentioned the forthcoming India Jewellery Park in Mumbai, which is expected to draw investments of over Rs. 50,000 crores and create over 100,000 employment, strengthening the sector’s growth trajectory.
The event also included presentations from relevant stakeholders. Shri Subir Das of ECGC spoke about recent steps to encourage industrial growth, while Shri C.P.S Chauhan discussed SEEPZ’s infrastructure projects targeted at improving operating efficiency. Dr. Unnat P. Pandit of the India Patent Office provided insights into building an innovation-driven economy, emphasizing the sector’s potential as a worldwide innovation powerhouse.
Under GJEPC‘s guidance, efforts to promote Indian jewels abroad continue strong, with initiatives such as staging India Pavilions at major international trade fairs and enabling Buyer Seller Meetings in key markets. The International Jewellery Exposition Centre (IJEX) in Dubai, inaugurated with Minister Goyal‘s support, has greatly increased global visibility for Indian MSMEs in the jewellery sector.
Looking ahead, the 40th edition of the India International Jewellery Show (IIJS) Premiere, set for August 2024, promises to be a historic event with over 3,600 stalls and 2,100 exhibitors. This top B2B platform is expected to draw a varied global audience, reinforcing India’s position as a market leader in the global jewellery industry.
Finally, Minister Piyush Goyal‘s visit to the Bharat Ratnam – Mega CFC demonstrates India’s determination to developing a thriving gem and jewellery industry. With smart investments, regulatory interventions, and international collaborations, the industry is positioned for rapid expansion, increasing economic prosperity and reinforcing its worldwide competitiveness in the next years.