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Patented designs, diversification can make India world’s largest diamond trading hub: Goyal

November 29, 2021 10:59 AM

New Delhi, With exports of gems and jewellery in this fiscal upto October’ 21 touching $ 23.62 billion with 102.09% year-on-year growth and the sector establishing itself as the largest player in diamond cutting and polishing, India can emerge as the largest diamond trading hub in the world.

“We can become the largest international diamond trading hub,” said Minister of Commerce and Industry Piyush Goyal, addressing the inauguration ceremony of a gems and jewellery manufacturing show organised by the Surat Jewellery Manufacturing Association.

Measures taken by the Government to promote investment for growth of the sector, revamped gold monetisation scheme, reduction in import duty of gold and mandatory hallmarking alongwith superior quality of manufacturers have enabled India to penetrate markets like the UAE, USA, Russia, Singapore, Hong Kong and Latin America. Goyal has asked the sector to focus on strengthening creativity and systematic skill development of artisans and making the products a benchmark of quality to further expand in new markets.

The Minister’s four-point plan for achieving deeper presence in existing markets include a focus on design and creation of patented designs in order to increase value add of the products and make manufacturing more profitable. Diversification of export products was needed with emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc. Goyal has also called for collaboration with other nations for cost-effective methods to enhance production of fusion jewellery and promoting laboratory grown diamond which are environment friendly, affordable and will contribute to India’s export as well as generate employment.

Surat is one of the fastest growing cities in the world and home to more than 450 organised jewellery manufacturers, importers and exporters. Efforts are on to build the world's largest office building in Diamond Bourse which will serve as the hub of all diamond trading activities. The sector contributes about 7% of India’s total GDP and employs more than 50 lakh workers.

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