The India Gem & Jewellery industry would achieve exports of $100 billion in a few years and Indian-designed jewellery would make its mark globally, Mukesh Ambani, CMD, Reliance Group, said on Friday.
He was speaking at the the Gem & Jewellery Export Promotion Council’s (GJEPC) 50th India Gem & Jewellery Awards (IGJA) held in Mumbai.
“Evolving remarkably over the years, the industry has emerged as a leading player in the global luxury market, as well as as a pivotal contributor to India’s export economy. It has also become a major generator of large-scale employment opportunities,” Mr. Ambani said.
“As a result, the industry is poised to achieve exports of $100 billion in the coming years from $40 billion currently.”
Russell Mehta, MD, Rosy Blue (India), was awarded with the Lifetime Achievement Award for his contribution and “serving as an inspirational model in the world of Gems & Jewellery.”
GJEPC presented a total of 24 IGJ Awards: 14 - Industry Performance Awards; 7 - Special Recognition Awards; 2 - Felicitation Awards; and 1 - Banks supporting the Gems & Jewellery Industry Awards.
Vipul Shah, Chairman, GJEPC, said, “Today, India stands tall as a global leader in the gem and jewellery sector. Our exports continue to rise, our domestic market flourishes, and our artisans inspire the world with their intricate creations. This progress is a direct reflection of the hard work, dedication, and collective vision of the industry stakeholders.”
“GJEPC’s dedication in championing and advancing this dynamic industry has been pivotal in solidifying India’s stature as a key player in the global gem and jewellery market. The global marketplace is dynamic, and the Indian gem and jewellery industry must embrace innovation, sustainability, and responsible sourcing to maintain its competitive edge,” he said.
“We must empower our artisans, invest in research and development, and leverage technology to unlock new horizons of growth. As we mark the 50th India Gem & Jewellery Awards (IGJA), we not only applaud the remarkable achievements of individual exporters but also acknowledge the collective endeavours of the industry at large,” he added.
