Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector.
"We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased.
"If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show.
The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start giving exporters credit cover.
Meanwhile, he said, India has the potential to become the global epicentre of the gem and jewellery industry with a holistic ecosystem encompassing all diverse constituents and elements.
"Massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai," he added.
The minister also urged the industry to promote 'Wed for India', which will help India become a destination wedding centre and boost the domestic textile, gem and jewellery, tourism and hospitality sectors.
"Destination weddings in India are going to be the next big opportunity for economic value addition, particularly for the tourism, hospitality, gem and jewellery and textile sectors. I will urge all of you to market the concept 'Wed in India', which will be great for our business and domestic gold jewellery, which has grown by 20 per cent in the current year," Goyal said.
Gem Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said India is today a powerhouse of jewellery manufacturing and the domestic gem and jewellery market, and after the India-UAE CEPA bilateral trade agreement, the sector is looking forward to trade agreements with GCC, the UK, EU and Canada.
"And we will grow India's share in world exports of gems and jewellery from 4.6 per cent to more than 10 per cent by 2030," he added.
Building world-class infrastructure in the gem and jewellery business will entail an investment of more than Rs 2 Lakh crore within the next five years.
"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 or recently announced Gem Bourse in Jaipur or the largest Jewellery Park in the world, the India Jewellery Park, Mumbai," he said.
The government is also investing to create a mega Common Facility Centre (CFC) at SEEPZ, NEST 1 and NEST 2, Shah said.
"The government's active involvement in all of these facilities will help bring back the Indian gem and jewellery businessmen from foreign destinations of Belgium, UAE, Thailand, USA and other countries," he added.
The 16th edition of GJEPC's IIJS Signature is expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls.
GJEPC Convener - National Exhibitions, Nirav Bhansali said that the IIJS Signature show alone is set to enable a staggering Rs 35,000 crore worth of business.
"When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewellery industry," he added.