Gems & Jewellery News

Gem & Jewellery Export Promotion Council (GJEPC): India competent to become global manufacturing hub of gems & jewellery, says Union Min Piyush Goyal

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India has tremendous potential not only as a market but as a global manufacturing hub of gems and jewellery, Union Commerce and Industry Minister Piyush Goyal said on Tuesday at the annual World Jewellery Confederation (CIBJO) Congress being held for the first time in India in Jaipur. The Congress is being organised from 3rd to 5th October and is being hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and the National Gem & Jewellery Council of India (NGJCI) supported by the Ministry of Commerce and Industry and MSME Ministry.

Goyal said “The CIBJO Congress taking place in Jaipur is more than just a location. Hosting the CIBJO Congress here is a testimony to the tremendous potential that India holds not only as a market but also as a global manufacturing hub. The G20 summit signifies India’s emergence as a global leader. Jaipur is a symbol of the vibrant spirit of artisans and the rich history of gems & jewellery industry, which Jaipur represents.”

“The industry has the power and promise to realise the goal of local going global. The gem & jewellery sector is a key player in India’s economy contributing significantly to India’s merchandising exports annually and employing nearly 5 million people. Our lab-grown industry is rising and championing sustainability at every step of the way. Surat Diamond Bourse, the world’s largest building, will become the hub of all diamond trading activity. As we move forward, let us explore the possibility of collaboration and sustainable practices and pave the way for a brighter future for the gem & jewellery industry,” the minister added.

CIBJO Congresses serve as the official gathering place for the World Jewellery Confederation’s Assembly of Delegates, and are also the venue for the annual meetings of CIBJO’s sectoral commissions, where amendments can be introduced to the organisation’s definitive directories of international industry standards for diamonds, coloured stones, pearls, gem labs, precious metals, coral and responsible sourcing, known as the Blue Books.

Gaetano Cavalieri, President, CIBJO, said in his welcome address, “The pandemic was an unimaginable yet transformative event; but the trade has now adapted to the new circumstances showing its inherent resilience. Business models of fine jewellery players are evolving rapidly. G7 countries, which accounted for half of all jewellery sales, will be introducing new norms and standards with respect to traceability, trust and transparency.

“CIBJO is a trusted organisation, which protects interests of members. It prescribes policy framework to enable and empower industry to put in place tools to operate within law to remain as transparent, honest, sustainable and responsible. We shall discuss and review all matters of international relevance for the trade. However, of 17 sustainable goals of the UN – Partnership is the most important one.”Vipul Shah, Chairman, GJEPC, said, “ As a global leader, India continues to shape the gem and jewellery landscape, serving as both a beacon of time-honoured craftsmanship and a hub for innovation. India is the only beacon of hope as far as jewellery demand goes. So, our government is also discussing with G7 countries the new measures for the segregation of diamonds that they are demanding from the trade based on the current geopolitical situation.” The 2023 CIBJO Congress will also address the pressing issues and opportunities that define our industry, he added.

Pramod Kumar Agarwal, Vice President, India, CIBJO and Chairman, NGJCI, said, “CIBJO is actively working on Sustainable Development Goals, it is in support of the Supply Chain Traceability and a policy of Accurate Product Disclosure, which is a need of the hour too.”

R. Arulanandan, the Director of the Department of Commerce, Government of India, said, “India has taken early initiatives such as the creation of many new harmonised code systems to identify different gem & jewellery industry segments leading to correct classification and valuation. It is good to see GJEPC and CIBJO work together to enhance trust, traceability and transparency.”

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