(MENAFN- KNN India) New Delhi, Nov 4 (KNN) The Gem & Jewellery Export Promotion Council (GJEPC) has unveiled a long-term vision to scale India's gem and jewellery exports to USD 100 billion, following a strategy meeting chaired by Prime Minister Modi.

The consultation sought suggestions from key exporting sectors to enhance India's global trade competitiveness.

GJEPC Chairman Kirit Bhansali presented the industry roadmap and policy recommendations, noting that the sector currently contributes USD 30 billion in exports and USD 85 billion in domestic sales, while providing direct employment to more than 4.2 million people.

The industry accounts for around 7 percent of India's total merchandise exports.

Bhansali said, "India's gem and jewellery sector has achieved remarkable growth and ease of doing business. We are expecting to surpass USD 100 billion in exports and build a USD 500 billion domestic market by 2047, making India the global hub for gems and jewellery.”

To achieve this, he emphasised the need for reforms to strengthen competitiveness against major global trade centres such as Belgium, London, the United States and the UAE.

Key proposals included expanding access to affordable export credit, particularly for MSME units that dominate production clusters in cities such as Mumbai, Surat, Kolkata and Coimbatore.

Bhansali urged the government to introduce concessional export credit schemes and extend interest subvention and ECGC premium support to enhance cost competitiveness.

The council also highlighted procedural reforms, seeking modernisation of the Customs Act, adoption of AI-based appraisal systems and a stronger risk management framework to streamline customs operations. GJEPC further requested expedited passage of amendments to the SEZ Act to permit limited domestic sales with appropriate duty adjustments, noting that nearly 65 percent of studded jewellery exports originate from SEZs.

To boost domestic value addition and attract global investment, Bhansali proposed the creation of a National Gem & Jewellery Park Policy, similar to initiatives in the textile and leather sectors.

He also called for simplified import-export procedures and urged the government to release a White Paper on the sector, reflecting submissions made to NITI Aayog and recent recommendations by Exim Bank.

Bhansali said these policy interventions will be crucial in enabling India's gem and jewellery industry to sustain growth momentum, enhance global competitiveness and secure a stronger role in international trade.

(KNN Bureau)

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