Vasant Mehta: lifetime achievement award
Commerce and Industry Ministry will extend all help to the gem and jewellery sector to achieve its target of US$75 billion much faster from the current US$40 billion, assured Minister Piyush Goyal.
He urged entrepreneurs in the sector to make full use of the soon to be launched NIRVIK Scheme for insurance coverage of foreign and export interest rates will be below 4% and 8% respectively for exporters.
The Minister also urged them to tap Export Credit Corporation of India (ECGC) that will ease the lending process and enhance loan availability for exporters.
It will also make foreign exchange loans available at much cheaper rates not only for large export houses but also small exporters, said the Commerce and Industry Minister while giving away 46th Gem & Jewellery Awards 2019 in Delhi on 20 Dec 2019.
The Minister informed that there are 4 Common Facility Centers being set-up in the country apart from the 4 that are already in use at present. He impressed upon the sector that it must make full use of them to get jewellery tested and certified.
Those in the gem and jewellery sector must also address the issue of unnecessary import of gold.
Goyal further urged those associated with the sector to device a scheme that will help the Government to unlock this asset that is lying locked up in personal vaults of the citizens which will help to reduce the burden on India’s FOREX reserves.
The Minister suggested that the sector members should explore the possibility of creating jewellery parks on the lines of the gold souk in Dubai to attract buyers from the domestic and overseas markets.
Goyal highlighted that 14 of the 15 diamonds mined in the world are cut and polished in India.
“Therefore, it is very essential that the diamond sector help in training talent and scale up skilling to get more value for its products,” he said, calling on the diamond industry to set up more skilling centres and get more skilled manpower into the sector.
He also called opend more CSR funds on the 5 million employees, and their families, engaged in this sector.
Among the awards given, the Minister handed an award to Vasant Mehta for his role in transforming the Indian diamond manufacturing industry into a global jewellery manufacturing hub that boasts of quality and design oriented jewellery.
The Indian gem and jewellery sector has become global hub of jewellery and contributes to around 7% to the Indian GDP and 15% to total merchandise exports. Fiinews.com
