On June 29th, Union Minister Piyush Goyal visited Bharat Ratnam – Mega CFC, a collaborative project of the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ. The event underscored the strategic initiatives taken by GJEPC, which have played a crucial role in strengthening the Indian gem and jewellery industry amid global challenges.
Keynote Address by Piyush Goyal
During his keynote address, Piyush Goyal, Hon’ble Minister of Commerce & Industry, stated, “I am immensely proud of how the Mega Common Facility Center (CFC) has developed. It stands on par with the best in the world, truly one of a kind. This achievement reflects Prime Minister Narendra Modi’s vision of making India an Aatmanirbhar Bharat. I am thrilled to see 200 students here, skilled and assured of jobs. The potential for industry growth is tremendous. Beyond the CFC, the Jewellery Park adds even more shine to Mumbai’s gem and jewellery industry. As we celebrate SEEPZ’s 50th year, the Mega CFC stands as a remarkable gift. The modernization of SEEPZ, through vertical growth, will accommodate more exporters and significantly boost exports. Despite the current geopolitical challenges, I am confident that India will achieve USD 800 billion in exports.”
Free Trade Agreements and Export Growth
Goyal assured that the ministry is expeditiously pursuing the process of signing Free Trade Agreements (FTAs) with several countries to drive exports. Shri Vipul Shah, Chairman, GJEPC, emphasised the importance of these agreements, noting, “India-UAE CEPA, India-Australia ECTA, and the recent FTA with Europe’s EFTA have been instrumental in boosting exports to these countries. Post India-UAE CEPA, India’s plain gold jewellery has grown substantially, reflecting an impressive growth of 107.2% to USD 4,528.66 million in FY 2023-24.”
Contributions of Bharat Ratnam – Mega CFC
Shri Kirit Bhansali, Vice Chairman, GJEPC, highlighted the contributions of the Bharat Ratnam – Mega CFC, saying, “The success of the Bharat Ratnam – Mega CFC is owed to Shri Piyush Goyal’s steadfast leadership for bringing this initiative to fruition. The Mega CFC is a game-changer for our industry and it will surely help us to achieve the goal of $75 billion in exports and realise the vision of a Viksit Bharat by 2047.”
He further added, “The India Jewellery Park in Mumbai, poised to revolutionise the industry with comprehensive infrastructure solutions, is expected to attract investments of Rs. 50,000 crores and generate over 100,000 jobs.”
Industry Presentations and Stakeholder Insights
The event featured presentations from key industry stakeholders. Shri Subir Das, Executive Director of ECGC, provided insights on recent initiatives and schemes by ECGC. Shri C.P.S Chauhan, IRS, Joint Development Commissioner of SEEPZ, gave a presentation on “SEEPZ Infra Projects”. Additionally, Shri Colin Shah, Head of the Working Group for Bharat Ratnam Mega CFC, highlighted the swift completion of the project, noting it was accomplished in just 14 months and has been operational successfully. Dr. Unnat P. Pandit, CGPDTM of the India Patent Office, shared his expertise on the IP-driven economy with his presentation on “New India, a Global Innovation Hub.”
GJEPC’s Role in Trade Facilitation
GJEPC continues to act as a pivotal trade facilitator, advocating for industry interests and steering impactful policy interventions at both state and central levels. The council organises around 20 India Pavilions at key international trade fairs, including JCK Las Vegas, Hong Kong Fairs, Vicenza Oro Italy, Doha, Bahrain, and Singapore. It also organises more than 10 Buyer Seller Meets for diamonds, jewellery, coloured gemstones, and silver in India and key export markets.
International Jewellery Exposition Centre (IJEX) and IIJS Premiere
The International Jewellery Exposition Centre (IJEX) in Dubai, inaugurated by Shri Piyush Goyal, has been instrumental in enhancing the global presence of Indian jewellery, particularly benefiting the MSME sector. Speaking about GJEPC’s flagship show, Bhansali said, “The 40th edition of IIJS Premiere, the world’s second-largest B2B jewellery show, will feature 3,600 stalls and 2,100 exhibitors. The event, scheduled from 8th to 12th August 2024 at the Jio World Convention Centre (JWCC) in BKC, Bandra, and from 9th to 13th August 2024 at the Bombay Exhibition Centre (BEC) in Goregaon, is expected to attract over 50,000 buyers from India and more than 2,000 buyers from over 80 countries.”
The developments at Bharat Ratnam – Mega CFC and the ongoing efforts by GJEPC underscore the robust growth and modernisation within India’s gem and jewellery sector, positioning it for significant expansion in the global market.
