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Goyal: Government working to create an enabling environment and market access for the jewellery industry

Goyal: Government working to create an enabling environment and market access for the jewellery industry

Union minister Piyush Goyal stated that the government is working to create an enabling environment and market access for the jewellery and gems sector. The commerce and industry minister spoke at the ceremony of laying the foundation stone for a mega-common facility at Santacruz Electronic Export Processing Zone Special Economic Zone.

“We must not make this an industry worth USD 40 billion, but we need to have a greater ambition. We will do all we can to reach the outstanding numbers that you raised as potential for this trade.

“We are working with many nations to give the enabling climate and market access especially for the gem and jewelry sector,” PiyushGoyal, Union Minister, Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles, said.

The project is expected to open on May 1, 2023.

Minister: “We aim at completing this project against the wind from Covid,” he stated.

Goyal said that the government is also considering decisions to rebuild and revamp the SEEPZ.

“Incidentally,” he said, “We had made many other decisions regarding the overall revamping of the entire SEEPZ region and reconstruction… He said that it would be ideal to use the same method as was used for this project.

The mega CFC will offer common manufacturing processes and related services for the jewellery industry.

“The new Mega CFC will give a boost to small-scale manufacturers, allowing them to increase their production quality, which will in turn contribute significantly to the country’s exports. Shyam Jagannathan Shriram, SEEPZ SEZ Zonal Development Commissioner, said that the Mega CFC would be more than a facility to impart training and skills. It would also be a strong symbol for progress.

This will reduce production costs and allow for the transfer of knowhow between units, which will give you a competitive advantage.

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The mega Common Facility Centre, (CFC), for gems & jewellery will be one the two facilities (the other being in Surat). It will provide cutting edge technology to manufacture and other allied processes within the gems & jewellery sector.

Colin Shah, Chairman of Gem and Jewellery Export Promotion Council, stated that there is a commitment to Rs 200 crore for the revitalizion and redevelopment SEEPZ-SEZ and the establishment a mega CFC with an budget of Rs 70 million.

Shah stated that the project aims to bring the jewellery and gems sector closer to Atmanirbhar Bharat, which Shah envisioned for the nation.

The SEEPZ contributes approximately USD 3 billion annually to our total exports of gems and jewellery. However, with better infrastructure and technology, it could contribute USD 7-10 billion annually.

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