New Delhi, Feb 18 (Agency) Expected to grow at 6.5 per cent over the pre-Covid level, gems & jewellery sector would reach the $40 billion exports target set for the current financial year, said Commerce Minister Piyush Goyal on Friday. Addressing the inaugural ceremony of India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC), the Minister said that gems & jewellery sector is a strong pillar of the Indian economy.
“Our gold and diamond trade contributes about 7 per cent to our GDP and employs over 50 lakh persons. The exports already stand at $32 billion this year until January,” Goyal said in his address through video conferencing. Goyal said that under leadership of the Prime Minister Narendra Modi, India wants to make its gems & jewellery sector self-reliant and the government has declared the sector as a focus area for export promotion. He encouraged the industry to aim to be a global champion by taking up bigger and bolder targets – in domestic production as well as overseas sales. “Today evening there will be another reason for this sector to celebrate. It will be a gift that will ensure an expedited growth of this sector for many decades to come,” he said referring to the India-UAE Comprehensive Economic Partnership Agreement (CEPA).