The Union Minister of Commerce & Industry, Shri Kamal Nath, while inaugurating the first ever “Lucky Lakshmi-India's Jewellery Festival” in Mumbai, assured the Gems & Jewellery Industry of Government's commitment to support the industry through a liberalized policy regime.
“We are confident that this will improve the overall competitiveness of the Gems & Jewellery industry”, he said, underlining the government's resolve to address all issues relating to this important sector, including the impact of the recent floods in Surat with its large concentration of diamond processing units. The 45-day festival is being organized by the All India Gems and Jewellery Trade Federation.
Shri Kamal Nath, while lauding the performance of the sector highlighted the recent trends such as emergence of Branded Jewellery, the changes taking place in Jewellery retailing etc.
He noted that while India's expertise lied in handmade Jewellery, in recent times India had also developed capabilities in machine made Jewellery.
“Information Technology equipped advanced jewellery design systems are also being slowly introduced into the industry through our new generation of technology savvy, professionally trained designers”, he said.
Gems & Jewellery constitutes 15.13 percent of India's exports and has marked a growth of 12.97 percent in 2005-06 over 2004-05. “Today, India is an acknowledged leader in the world in diamond processing."
"We are also the largest importers in the world of bullion, importing about 800 tonnes. Our export of gold jewellery is showing a healthy growth and has increased by 11 percent during 2005-2006 over 2004-05”, the Minister said.
Availability of skilled manpower is a key strength that has enabled growth in India's Gems & Jewellery Sector. India has a large pool of skilled artisans with vast traditional knowledge and expertise in jewellery making.
The minister informed, “This manpower pool is also being augmented through trained designers well versed in latest design software.”
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