Indian Bullion and Jewellers Association (IBJA) has proposed the establishment of a new export facilitation centre within the Gujarat International Finance Tec-City (GIFT IFSC) in Gandhinagar. The initiative, to be known as the GIFT Trade Centre, aims to consolidate India’s position in the global jewellery market, with projected investments totalling Rs 500 crore.
“The idea is to create a centralized platform where jewellers from all corners of the country can showcase their products to potential international buyers. It’s envisioned as a global hub for Indian jewellers to exhibit their designs and facilitate direct purchases,” a source from an International Financial Services Centres Authority (IFSCA) committee, told TOI.
Expansion of Indian Jewellery Exports
This strategic proposal by the IBJA is set against the backdrop of a robust increase in India’s gold jewellery exports. In the fiscal year 2023-24, exports of plain gold jewellery witnessed a significant rise of 61.72%, reaching $6,792.24 million up from $4,199.96 million in the previous fiscal year. This data, compiled by the Gems and Jewellery Export Promotion Council (GJEPC), underscores the growing market presence of Indian jewellery abroad.
Strategic Benefits for Indian Jewellers
The proposed GIFT Trade Centre is poised to provide a vital platform for Indian jewellers, currently frequenting the UAE Jewellery Centre for exhibitions and trade engagements. By establishing a dedicated hub in GIFT City, Indian traders could benefit from potentially lower duties and taxes, as transactions would be governed under the favourable economic regulations of the GIFT IFSC. This could enhance profitability and operational efficiencies for local jewellers and traders.
Implications for the Industry
For the jewellery industry at large, this development represents a strategic shift towards localising the trade and exhibition space, which could lead to increased self-reliance and a stronger competitive stance internationally. The establishment of the GIFT Trade Centre could serve as a catalyst for further investments in infrastructure and technology within the sector, fostering innovation and higher standards of craftsmanship in Indian jewellery.
