India’s jewelry trade has outlined a plan to increase exports by about 40% over the next five years, writes Rapaport.
The council has prepared a document titled “Vision 2022” to present to Prime Minister Narendra Modi, laying out the steps necessary to grow the industry’s annual exports to $60 billion from its current level of $43 billion, Praveenshankar Pandya, chairman of the country’s Gem and Jewellery Export Promotion Council (GJEPC), said.
One of those measures is to improve the industry’s infrastructure by creating jewelry parks across the country, which would serve as “one-stop” locations for the entire production process, he added.
Other aspects of the program include modernizing smaller jewelry manufacturers’ equipment, enhancing the industry’s design capabilities by collaborating with international designers, and improving its merchandising.
Since GST took effect on July 1, he added, trading has returned to normal, as it did after the government implemented its demonetization policy in November.
“People thought these policies would diminish the industry, but it didn’t,” he said. “Rather, we feel these decisions are enabling a level of transparency that we couldn’t achieve before.”
He noted that electronic payments had increased as a result of demonetization, and that cash transactions were being limited. Diamond dealers at IIJS agreed, pointing to a notable shift away from cash.
“Cash used to be king in the diamond industry,” said one supplier at IIJS, who requested anonymity. “That’s just no longer the case.”
The show is running through Monday at the Bombay Exhibition Centre.