(MENAFN- KNN India)
Meerut, Nov 27 (KNN) Uttar Pradesh, with its annual gems and jewellery trade exceeding Rs 1 trillion, is positioning itself as a powerhouse in the sector.
The Yogi Adityanath-led government has unveiled plans to enhance economic value addition and bolster exports, recognising the industry's substantial contribution to livelihoods and trade.
Over one million individuals, including traders, craftsmen, designers, and retailers, are directly employed in this industry, which spans both manufacturing and export activities.
Key hubs such as Meerut, Lucknow, the NOIDA Export Processing Zone, Moradabad, Kanpur, and Agra play pivotal roles in the sector's prominence.
The government's blueprint envisions transforming Meerut into a leading jewellery manufacturing and trading hub for North India. With an annual turnover of over Rs 2,000 crore, Meerut's jewellery industry supports approximately 40,000 workers, including goldsmiths and gemstone makers.
A senior official announced plans for a state-of-the-art hub spanning 32,000 square meters, featuring a multi-storey flatted factory complex to drive innovation and attract startups.
The organized segment accounts for 35 per cent of the state's jewellery market, reflecting robust growth potential. Besides retail, Uttar Pradesh's wholesale market serves a wide clientele across states, consolidating its reputation as a central player in the national trade.
Highlighting private investment in the sector, Saumitra Saraf, director of Gorakhpur-based Aisshpra Gems and Jewels, revealed a Rs 100-crore initiative to establish an integrated jewellery manufacturing hub in Gorakhpur, reinforcing the state's commitment to expanding the industry.
India's gems and jewellery sector, contributing 10-12 per cent of the nation's total merchandise exports, remains a key economic driver. In 2023, the domestic market was valued at USD 92 billion, further emphasizing its strategic importance.
With these initiatives, Uttar Pradesh aims to cement its position as a leader in gems and jewellery trade, leveraging its skilled workforce and robust infrastructure to achieve economic growth and global recognition.
(KNN Bureau)
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