The gem and jewellery industry will play a key role in making Maharashtra a USD 1 trillion economy: Dr Devendra Fadnavis Dy. Chief Minister, Maharashtra during the inauguration of IIJS Signature
Maharashtra’s Industries Minister Uday Samant urges GJEPC to develop indigenous gem & jewellery industry in rural India
Mumbai, 5th January 2024: Gems & jewellery industry belongs to Mumbai as Mumbai accounts for 72% of the annual USD 37 bn of exports, proclaimed Dr Devendra Fadnavis, Hon. Dy. Chief Minister of Maharashtra, while inaugurating the largest-ever IIJS Signature & IGJME 2024 twin Exhibitions organised by the Gem & Jewellery Export Promotion Council (GJEPC) at the Bombay Exhibition Centre, NESCO Goregaon.
Dr Devendra Fadnavis was accompanied by Shri Uday Samant, Hon. Minister of Industries, Govt. of Maharashtra at the inauguration ceremony in the presence of Ms. Reshma Lakhani, Director General, DGEP; Mr Paul Rowley, Executive Vice President, De Beers; Shri Sunil Nayak, CEO, Reliance Jewels; Mr. Vipul Shah Chairman, GJEPC; Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Nirav Bhansali (Convener, National Exhibitions, GJEPC); Shri Sabyasachi Ray (ED, GJEPC), along with the doyens of international & Indian diamond, gem & jewellery sector.
Maharashtra’s Industries Minister Uday Samant urges GJEPC to develop the indigenous gem & jewellery industry in rural India.
While thanking Dr Devendra Fadnavis for his support and vision, Mr Vipul Shah, Chairman, GJEPC, said, "Now, with the Jewellery Park coming up in Navi Mumbai with the support of Maharashtra Government, our industry is getting ready to bring in more investments from abroad. The Jewellery Park brings with it several government-backed advantages. It's a one-stop shop with the Single Window Clearance for government approvals under the Maitri Policy, making processes smoother and faster. Additionally, the State Government has offered relief in power tariffs and electricity charges, among other benefits. These initiatives significantly ease the path for businesses, ensuring efficiency and reducing operational costs, ultimately fostering a thriving environment within the park."
Shah said, “The Indian gem & jewellery industry shares our beloved Prime Minister’s dream of becoming a US dollar 5 trillion economy by 2030 and be a first world nation by 2047. To take part in Sankalp to be Viksit Bharat, our goal is to reach USD 75 billion in exports by the year 2030 and USD 100 billion by 2047. Maharashtra is already a big player in the Indian gem and I am sure that Maharashtra will continue to be leading exporters from the country as we set higher goals."
Mr. Paul Rowley, Executive VP, De Beers, said, “As seen here at IIJS Signature, India truly inspires and Indian entrepreneurship and their drive and passion is infectious. As India progresses towards becoming the largest economy in the world, massive infrastructure investment is changing the face of the country rapidly and supporting economic development, nurturing businesses and enhancing people’s lives.
“India's sustainable growth provides an optimum environment for business and facilitates innovation to shine. India’s fast-growing global stature is the heartbeat of the new global economy. New exciting opportunities are emerging with industrialisation, urbanisation and consumption. The world is eyeing India’s affluent middle-class segment of 30 mn households as potential customers. This will lead to increased spending on fashion jewellery. The gem & jewellery industry in India is also maturing.
The diverse & distinct worlds of natural diamonds and Lab lab-grown diamonds (LGDs) have started to diverge. Natural diamond is a unique miracle rare and breath-taking beauty. They symbolise precious enduring love ties across generations, the deepest human emotions and the most profound connections humans could have – real diamonds are the most desired cherished and richly symbolic objects in the world. LGDs do not have the qualities or symbolism of natural real diamonds. G7 sanctions are a major concern to everyone in global trade and industry has to speak as one voice collectively and collaboratively. The diamond industry is cyclical and the industry should be optimistic for the next wave.”
The 16th edition of GJEPC's IIJS Signature will witness 30,000+ visitors (including international buyers) from 800 Indian cities and 60 countries. The show boasts of 1,500+ exhibitors occupying 3,000+ stalls across a sprawling 1.25 lakh sq. mt. of exhibition area.
Shri Kirit Bhansali, Vice Chairman, GJEPC, requested Dr Devendra Fadnavis to consider GJEPC’s plea for land for building residences for workers near the India Jewellery Park and first of its kind Gem & Jewellery University in the country.
“The IIJS Signature show alone is set to enable a staggering Rs. 35,000 crore worth of business. When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs. 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewellery industry, added Nirav Bhansali, Convener, National Exhibitions, and GJEPC.
GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions. As a result, the eligible exhibitors can now avail themselves of a grant of ₹1.50 lakh each, which will help them cover costs and enhance their visibility and competitiveness in the global market.
Additionally, GJEPC has introduced a dedicated section for luxury connoisseurs and couture jewellery buyers called “The Select CLUB” at IIJS Signature 2024 in the Jio World Convention Centre. This exclusive section allows Couture jewellery manufacturers to showcase their extensive collection of high-end, exclusive jewellery designs to a curated audience.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today around 9,600 members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and can have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.