New Delhi (NVI): The government has asked members of Indian gem and jewellery sector to explore the possibility of creating jewellery parks on lines of the gold souk in Dubai to attract buyers from domestic market and overseas.
Speaking on the occasion of the 46th India Gem and Jewellery awards 2019 held on Wednesday, Piyush Goyal said, “Members of this sector may also explore the possibility of creating jewellery parks on the lines of the gold souk in Dubai to attract buyers from the domestic market and also overseas”.
He said that India has a huge potential to grow in the trade and creating more jobs and assured that the government will extend all help to the sector to achieve its target of USD 75 billion.
“Indian gem and jewellery sector is the global hub of jewellery and contributes to around seven per cent of the country’s GDP and 15 per cent to India’s total merchandise exports,” he said.
He also urged entrepreneurs in the sector, to make full use of the soon to be launched NIRVIK Scheme of ECGC that will ease the lending process and enhance loan availability for exporters.
“It will also make foreign exchange loans available at much cheaper rates not only for large export houses but also small exporters,” Goyal said.
The Minister said the gem and jewellery sector must also address the issue of unnecessary import of gold.
He urged those associated with the sector to device a scheme that will help the Government to unlock this asset that is lying locked up in personal vaults of the citizens which will help reduce the burden on India’s FOREX reserves.
The Minister also appreciated the work being done by this sector in the fields of education especially children in tribal areas through the ‘Ekal Vidyalayas’ and urged the sector to establish awards in categories like units giving highest worker’s benefits like health insurance and education of children and spend more CSR funds on the five million employees, and their families, engaged in this sector.
He also gave away awards in recognition of business excellence in the sector that is helping to strengthen Brand India.
Vasant Mehta received the lifetime achievement award, for his role in transforming the Indian diamond manufacturing industry into a global jewellery manufacturing hub that boasts of quality and design oriented jewellery.
