The gems and jewellery industry belongs to Mumbai as Mumbai accounts for 72% of the annual USD 37 bn of exports, proclaimed Dr. Devendra Fadnavis, Hon’ble Dy. Chief Minister of Maharashtra, while inaugurating the largest-ever IIJS Signature & IGJME 2024 twin exhibitions organised by the GJEPC at the Bombay Exhibition Centre, Goregaon.
For the first time ever, the New Year’s first top-of-the-line design centric jewellery trade show IIJS Signature along with the IGJME is being held at two venues in Mumbai: Bombay Exhibition Centre, NESCO, Goregaon (5-8 January) and Jio World Convention Centre, BKC (4-7 January).
Dr. Devendra Fadnavis was accompanied by Shri Uday Samant, Hon. Minister of Industries, Govt. of Maharashtra at the inauguration ceremony in the presence of Reshma Lakhani, Director General, DGEP; Mr. Paul Rowley, Executive Vice President, De Beers; Mr. Sunil Nayak, CEO, Reliance Jewels; Mr. Vipul Shah Chairman, GJEPC; Mr. Kirit Bhansali, Vice Chairman, GJEPC; Mr. Nirav Bhansali (Convener, National Exhibitions, GJEPC); Mr. Sabyasachi Ray (ED, GJEPC), along with the doyens of international & Indian diamond, gem & jewellery sector.
While speaking at the IIJS Signature, Dr. Fadnavis said, “Prime Minister Shri Narendra Modi ji has set a target of $75 bn for gem & jewellery exports by 2030. This will be possible with the pivotal role played by the apex body GJEPC, which has been instrumental in making India one of the biggest international players in the global gems & jewellery industry. Maharashtra Government has worked closely with GJEPC to complete the new Common Facility Centre (CFC) at SEEPZ in just 17 months and this will allow gem & jewellery exporters especially MSMEs to have hassle-free shipment, paper work and facilitate ease of doing business. Maharashtra Government and GJEPC have collaborated for the new India Gems & Jewellery Park at Navi Mumbai and this initiative will also help achieve export target. Jewellery Park will create new ecosystem in gems & jewellery industry wherein Maharashtra will preserve its status as ace exporter and set new records in gem & jewellery exports.
Indian jewellery has been part of the global trade since time memorial, and it is not just an economic but also an emotional investment. As India
prospers and economy and industry expands, Maharashtra will continue to make new investments. Maharashtra Govt. is working tirelessly to help gem & jewellery entrepreneurs in key parameters such as ease of doing business and cost of doing business. As Maharashtra targets to become $1 trillion economy, we shall continue to collaborate with GJEPC to create unique institutions such as the Bharat Diamond Bourse, which symbolises a unique ecosystem. And whenever GJEPC wishes to create any new ecosystem, the natural and first choice has to be Maharashtra.”
Maharashtra’s Industries Minister Uday Samant urges GJEPC to develop indigenous gem & jewellery industry in rural India. While thanking Dr. Devendra Fadnavis for his support and vision, Mr. Vipul Shah, Chairman, GJEPC, said, “Now, with the Jewellery Park coming up in Navi Mumbai with the support of Maharashtra Government, our industry is getting ready to bring in more investments from abroad.
The Jewellery Park brings with it several government-backed advantages. It’s a one-stop-shop with the Single Window Clearance for government approvals under the Maitri Policy, making processes smoother and faster. Additionally, the State Government has offered relief in power tariff and electricity charges, among other benefits. These initiatives significantly ease the path for businesses, ensuring efficiency and reducing operational costs, ultimately fostering a thriving environment within the park.”
Talking about the mega CFC in SEEPZ, Mumbai, Shri Shah said, “GJEPC, with the support of the Ministry of Commerce and Industry has set up a Mega CFC at SEEPZ in Mumbai, which will be launched soon. This groundbreaking initiative aims to enhance the manufacturing capacity of the industry, foster technological advancements, and provide comprehensive skill development opportunities.”
Shah said, “The Indian gem & jewellery industry shares our beloved Prime Minister’s dream of becoming a $5 trillion economy by 2030 and be a first world nation by 2047. To take part in that Sankalp to be Viksit Bharat, our goal is to reach USD 75 billion exports by the year 2030 and USD 100 billion by 2047. Maharashtra is already a big player in the Indian gem and I am sure that Maharashtra will continue to be leading exporters from the country as we set higher goals.”
Mr. Paul Rowley, Executive VP, De Beers, said, “As seen here at IIJS Signature, India truly inspires and Indian entrepreneurship and their drive and passion is infectious. As India progresses towards becoming the largest economies of the world, massive infrastructure investment is changing face of country rapidly and supporting economic development, nurturing businesses and enhancing people’s lives.
“India’s sustainable growth provides optimum environment for business and facilitates innovation to shine. India’s fast growing global stature is the heartbeat of the new global economy. New exciting opportunities are emerging with industrialisation, urbanisation and consumption. The world is eyeing India’s affluent middle class segment of 30 mn households as potential customers. This will lead to increased spending on fashion jewellery. The gem & jewellery industry in India is also maturing. The diverse & distinct worlds of natural diamonds and Lab Grown Diamonds (LGDs) have started to diverge. Natural diamond is unique miracle rare and breath-taking beauty. They symbolise precious enduring love ties across generations, deepest human emotions and the most profound connections humans could have – real diamonds are the most desired cherished and richly symbolic objects in the world. LGDs do not have the qualities or symbolism of natural real diamond. G7 sanctions are major concern to everyone in global trade and industry has to speak as one voice in a collective and collaborative way. Diamond industry is cyclical and the industry should be optimistic for the next wave.”
Shri Kirit Bhansali, Vice Chairman, GJEPC, requested Shri Devendra Fadnavis to consider GJEPC’s plea of land for building residences for workers near the India Jewellery Park and first of its kind Gem & Jewellery University in the country.