MUMBAI: Commerce and Industry Minister Suresh Prabhu on 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 percent of GDP, 14 percent of merchandise exports, and offers 5 million direct employments, 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 industry will achieve cross USD 75-billion export mark by 2025 from the current USD 42 billion. (AGENCIES)
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