In the inaugural address of the IIJS Signature 2024, Vipul Shah, Chairman, GJEPC shared the roadmap & outlook for the Gem & Jewellery Industry & Trade.
Vipul Shah, said, India is today a powerhouse of jewellery manufacturing and the domestic gem & jewellery market, which is currently valued at USD 44 billion will grow to USD 134 billion by the year 2030 with CAGR of 17.35%.
The Indian gem & jewellery industry shares our beloved Prime Minister’s dream of becoming a USD 5 trillion economy by 2030 and a first world nation by 2047. To take part in that Sankalp to be “Viksit Bharat”, GJEPC on behalf of the gem & jewellery sector recently submitted the work plan to the Ministry of Commerce to touch USD 75 billion exports by the year 2030 and USD 100 billion by 2047.
Honourable Union Minister Piyush Goyal, following the success of the India-UAE CEPA bilateral trade agreement, the gem & jewellery sector is looking forward to trade agreements with GCC, the UK, EU and Canada to happen soon under your leadership. And we will grow India’s share in world exports of gems & jewellery from 4.6% to more than 10% by 2030, added Shah.
Shah said, Building world-class infrastructure in the gem & jewellery business will entail an investment of more than Rs. Two Lakh crore within the next five years. As an industry, we are doing our bit in nation building and creating national assets.
We are investing heavily in infrastructure through finance from trade members only, be it commissioning the largest diamond bourses in the world like Bharat Diamond Bourse at Mumbai and now Surat Diamond Bourse in Surat or recently announced Gem Bourse in Jaipur or the largest Jewellery Park in the world, the India Jewellery Park, Mumbai.
Govt. is also investing to create mega Common Facility Centre (CFC) at SEEPZ and NEST 1 and NEST 2 restructuring of SEEPZ. The IIBX at Gift City is another such endeavour which is bringing landmark changes in the industry. Thank you Hon. Minister for your active involvement in all of these facilities, which will help bring back the Indian G&J businessmen back from foreign destinations of Belgium, UAE, Thailand, USA and other countries.