Suresh Prabhu: Export of gems & jewellery to cross USD 75-billion-mark by 2025

Commerce and industry minister Suresh Prabhu Tuesday expressed hope that export of gems & jewellery will cross the USD 75-billion-mark by 2025. The jewellery industry plays an important role in the economy, accounting for 7 per cent of GDP, 14 per cent of merchandise exports, and offers 5 million direct employment, the minister said.

"To enable this industry to innovate and cater to the global market, it is essential to provide a suitable ecosystem," Prabhu said while speaking at the foundation stone laying ceremony of India Jewellery Park in the nearby New Mumbai and expressed the hope that the upcoming park will play a key role in achieving the target. This is the maiden such park in the country. Most of the jewellery exports are processed rough diamonds imported from elsewhere.

On the jewellery side, he said, despite every village having a jeweller and the domestic trade flourishing, our exports are not as much as required. "So, we want to promote exports and to do that we are working on a strategy on how each country can be targeted and work on it," he said adding one of the focus countries is Russia from where we have invited industry delegations.

He also said we want to import huge quantities of rough diamonds from Russia, process it and export it back. The minister also expressed confidence that the industry will achieve cross USD 75-billion export mark by 2025 from the current USD 42 billion.

Maharashtra chief minister Devendra Fadnavis said Mumbai exports the largest quantity of gems & jewellery accounting for USD 28.32 billion or 69 per cent of the total outward shipments. "The India Jewellery Park, the first-of-its-kind in the country, will transform the jewellery industry not only in Maharashtra but also across the country," he said, adding the park is slated to generate 1 lakh new jobs.

The park will be an integrated industrial park with all facilities under one roof with manufacturing units, commercial areas, residences for industrial workers, and commercial support services and Fadnavis promised to give a single-window clearance system at the park. The park, being built by the Gem & Jewellery Export Promotion Council as a special purpose vehicle, at an investment of Rs 14,467 crore which include the cost of the land and buildings and is projected to generate an annual turnover of Rs 41,467.50 crore, lion's share of which will come from exports.