GJEPC expects USD 75 bn gem and jewellery exports by 2030

Bengaluru, Mar 17 (FN Agency) GJEPC Chairman Vipul Shah on Friday said “India’s overall gem and jewellery exports account for USD 40 billion and the industry’s goal is to reach USD 75 billion exports by 2030.” The industry is already witnessing a surge in exports from Karnataka, he said. “From April 2022 to February 2023, the gem and jewellery exports from Karnataka experienced a remarkable growth of 169 percent, reaching USD 150.33 million, as compared to last year,” he said at the inauguration of the first edition of India International Jewellery Show (IIJS) Tritiya. The exhibition will go on till March 20. Speaking on the collaboration with Jewellers Association Bengaluru, Shah said GJEPC is supporting the Jewellers Association Bengaluru in setting up a Jewellery Park in Karnataka.

Discussions are underway with the state government regarding the allocation and finalisation of land for the project, he said. “This initiative aims to offer efficient assistance to jewellery manufacturers and traders seeking to expand their operations in the state of Karnataka,” he said. The project is expected to generate 1 lakh additional jobs in the sector for the people of Karnataka, Shah said. Industries Minister Murugesh Nirani said Karnataka is one state with multiple opportunities and possibilities and Bengaluru is the epicenter of South India’s domestic and international trade. After establishing a leadership position in technology, IT services, software, electronic manufacturing services, mobile phone handsets and semiconductors, we are now aspiring to enhance our gem and jewellery business as this industry contributes significantly to India’s exports, he said. The upcoming gem and jewellery park in Karnataka will become a significant hub of South India and generate more than 1 lakh jobs, Nirani said.

Kalyan Jewellers Managing Director TS Kalyanraman said the gem and jewellery business undergoes constant evolution and participating in IIJS shows regularly has helped in keeping us updated with the times. The Gem and Jewellery Export Promotion Council (GJEPC) National Exhibitions Convenor Nirav Bhansali said IIJS Tritiya along with Signature and Premiere, are likely to generate business of over Rs 1 lakh crore in 2023. “We are also targeting to plant 1 lakh trees this year under the ‘One Earth’ initiative towards our ultimate aim of making all our shows carbon-neutral,” he said. The event is expected to attract over 15,000 trade visitors from 600 cities and will showcase a wide range of products. It is poised to act as a catalyst for further advancement of the gem and jewellery industry in Karnataka, benefiting both manufacturers and retailers. The GJEPC has signed a MoU with an objective of working towards the enhancement and development of jewellery manufacturing and trade in Karnataka.