Union Minister Shri Piyush Goyal felicitates top exporters at the 49th India Gem & Jewellery Awards
April 2023, India: The Gem & Jewellery Export Promotion Council (GJEPC) organised the 49th edition of the India Gem & Jewellery Awards (IGJA) in Mumbai. Hon’ble Chief Guest Shri Piyush Goyal Hon’ble Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution & Textiles, Government of India, felicitated 27 top Gem & Jewellery exporters during the award ceremony. The 49th edition of IGJA was powered by GIA and co-partnered by ECGC. Mr. Frank Geerkens, Consul General of Belgium in Mumbai, was the special guest of honour. Also present on the occasion was Shri Vipul Shah, Chairman, GJPEC; Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Nilesh Kothari, Co-Convener, PMBD, GJEPC; Mr. Sabyasachi Ray, Executive Director, GJPEC amongst others.
Addressing the audience at the India Gem & Jewellery Award, Shri Piyush Goyal Hon’ble Commerce & Industry Minister said, “Time reflects Technology, Innovation, Modernity, and Entrepreneurship. It is for each one of us present here and other stakeholders of your industry to grasp the opportunity, as Prime Minister Modi had said, yeh hi samay hai, sahi samay hai. This is the moment and the world is looking up to all of you. I’m sure that your entrepreneurial spirit with your abilities to engage with a modern world in a modern way with innovation, new ideas, new ways of budgeting your product and brand, designing new products using technology — lab-grown diamonds being a case in point — I’m sure you will grab this opportunity and unleash the true potential of the gem and jewellery sector with help of the several initiatives that the government has undertaken.”
Piyush Goyal further added, “Our exporters have achieved a remarkable feat by generating USD 770 billion in exports during the most challenging times. This accomplishment is a testament to the hard work and resilience of all the stakeholders involved. As we move forward, we are confident that our sector will continue to grow and expand, and we are setting our sights on the ambitious target of reaching USD 2 trillion in exports within the next few years.”
“The gem and jewellery industry should leverage its rich heritage of design and craftsmanship to propel itself to new heights in the global market.” adds Piyush Goyal.
Welcoming all the dignitaries, Shri Vipul Shah, Chairman, GJEPC, congratulated Union Minister Shri Piyush Goyal ji for the monumental achievement of $770 billion in aggregate exports combining both merchandise and services from India for the financial year 2022-23.
Speaking about the exporter performance for the FY 2022-23, Vipul Shah, Chairman, GJEPC said, “We are immensely grateful to the Govt. for the India UAE CEPA Agreement that has resulted in multifold increase in gold jewellery exports to Middle East. To mark one year of signing of India UAE CEPA, GJEPC will be opening India Jewellery Expositions or IJEX Dubai, the 365 days exhibition from 5th of May 2023.”
Shah further added, “India is the world leader in diamond and diamond jewellery manufacturing and exports. To maintain this leadership position, it is important that Govt. facilitates import and sale of rough diamonds from SNZs in India. I request the Govt. to allow diamond cutting and polishing and exports under MOOWR scheme; and also urge that FTP reintroduces the para on Diamond Imprest license to provide a level playing field.”
“India should also take the advantage through policies like robust property transfer policy at SEZ, reverse job work policy for SEZ, a robust job work policy, bill to ship to facility for manufacturers in SEZ which will see more foreign jewellery manufacturing companies invest in India. I would urge the Government to introduce an FDI policy for the sector so that firms which are investing in Vietnam or Combodia can also look at India as a destination.”
Talking about Jewellery Park that is being set up by GJEPC in Mumbai, Shri Kirit Bhansali, Vice Chairman, GJEPC said, “The Jewellery Park in Mumbai will be in line with manufacturing clusters in Tukumcuyk in Turkey, Shenghen in China or DMCC in Dubai. The construction will commence very soon to handover the premises to the applicants by 2025-26. We have already got bookings of 166,000 sq. feet of built up space.”
Mr. Sriram Natarajan, Managing Director of GIA India, said, “On behalf of GIA India, I extend our sincere compliments to GJEPC for organising the 49th edition of the India Gems and Jewellery Awards, which celebrates business excellence in the Indian gem and jewellery industry. We are proud to be associated with this prestigious event, which recognises the efforts of the industry players and their contributions. We extend our heartfelt congratulations to Anoop-bhai Mehta for winning the Lifetime Achievement Award, which reflects his invaluable contributions to the industry.”
For the FY 2022-23, the overall gem & jewellery exports grew 2.48% to Rs. 300462.52 crores as compared Rs. 293193.19 crores for the same period previous year. In terms of US dollars, the overall gem & jewellery exports accounted for US$ 37468.66 million as compared US$ 39331.71 million for the same period last year.
Exporter winners of GJEPC’s 49th IGJA included Hasmukh Parekh Jewellers, Modern Impex, Ashok Jewels Pvt Ltd., Gold Star Jewellery Pvt Ltd. Renaissance Global Limited, H.K. Designs (India) LLP, H K Jewels Pvt Ltd, Kiran Gems, Dhanera Diamonds, Kumbh Gems, Renaissance Global Limited, Ashok Jewellers, Amrapali Exports, RMC GEMS INDIA LIMITED, Cupid Diamonds, Laxmi Diamonds Private Limited, Emerald Jewels Industry India Limited, Unique Designs Inc, Kiran Exports (Hong Kong) Limited, Kiran Exports (NV), SJW Shivam Jewels Private Limited, Fortuna Retail Private Limited. Mr Anoop Mehta of Bharat Diamond Bourse got the Lifetime Achievement Award. Ms. Ambika Burman of M/s Goldsikka Limited and Ms. Devika Kapoor of M/s Kashi Jewellers were the Woman Entrepreneurs Of The Year. Indusind Bank Ltd. won the Best Bank Financing the Industry (Highest Growth of limit sanctioned with Minimum base of Rs 500 crore).
Greenlab Diamonds was felicitated by IGJA 2022 for their exceptional growth in the LGD industry. Additionally, Mr. Durgesh Salunkhe, Jt. Commissioner SIB, Mr. Sanjeev Chetule, Dy. Commissioner of Customs, and Mr. Mahendra Rathod, Asst. Commissioner of Customs, were all recognized for their contributions to the field.
The GJEPC established the IGJA in 1975 to recognize top gem and jewellery exporters. The selection criteria now factor in export performance, value addition, job creation, financial year investments in R&D and other considerations.
Offering his best wishes to the winners, Vipul Shah remarked, “The fact that the award winners were chosen by Ernst and Young, an independent agency, adds credibility to their achievements. Your well-deserved recognition is a reflection of your hard work and dedication. I wish you all the best for your future endeavors, and I hope that you will continue to excel in your business and remain a strong pillar for our industry.”
To keep pace with the changing business landscape, the 49th edition featured new Award categories such as Maximum number of clients, Lab Grown Diamonds, and Innovation in the field of Technology, New business model, service sector, patent, digital, e-commerce.
In addition to recognizing companies that exhibit business excellence and contribution to the promotion of “Brand India,” the GJEPC also awarded Woman Entrepreneur of the Year, and Banks financing the industry.