Why did you talk about the possibility of a 2 million sq ft exhibition hall in Mumbai?
The India International Jewellery Show (IIJS) Premiere 2024 generated a record-breaking $12 billion of business, according to the GJEPC. In fact, Indian jewellers have crores of unique designs in jewellery. We want each and every jeweller out of the lakhs of Indian jewellers to showcase their designs to international buyers and foreigners to come and purchase Indian jewellery or order it online. The best way to do this is to promote Indian design capital and craftsmanship through B2B exhibitions. I believe GJEPC’s IIJS Premiere has been facing shortage of space and is not able to accommodate many jewellers who desire to be part of it. We shall think of ways to create a 2 million sq ft exhibition space in Mumbai in the near future. With determination and innovation, we aim to elevate our exports to an impressive $100 billion, helping to realise the dream of a prosperous and self-reliant India by 2047.
How will the Diamond Imprest Licence will benefit MSME exporters?
The Diamond Imprest Licence ensures that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5 per cent, (if not 10 per cent, as it was earlier) of the average export turnover of preceding three years. This will provide level playing field for Indian MSME diamond exporters with that of their larger peers. It will stop flight of investment and of Indian diamantaires to diamond mining destinations.
How will the Budget duty cuts on gold, silver and platinum help?
This anomaly was hurting the vibrant gem & jewellery industry and job creation. Now, gold & jewellery will increasingly come through official channels. India’s 5 million plus large workforce in the gem & jewellery sector will get more job orders.
What is the government doing to counter sanctions imposed by G7?
The government of India is actively engaging with G7 and several relevant global ministers are very much involved in negotiations. For example, we have been having extensive discussions with EU ministers and commissioners. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7. We are confident that Mumbai or Surat can soon have a centre similar to the one in Antwerp or Dubai. We are also in touch with De Beers Kimberley Process to segregate diamonds and trace their origins. However, there is no technical mechanism and no protocol in this regard and we are jointly working towards this goal.
What is your approach to FTAs?
In terms of FTAs, we follow the consultative process. Many discussions are happening with developed countries and with whole continents such as Africa. However it is difficult to predict timeline as discussions evolve over a period of time. In the case of ECTA with Australia and CEPA FTAs with the UAE, we were able to protect all our sensitive sectors. We conclude only once we have a fair equitable and balanced approach unlike in the past. In the FTA with Australia, we got double taxation removed for Indian IT sector. In case of Europe’s EFTA (Switzerland, Iceland, Norway and Liechtenstein), they have committed to invest $100 billion in India and create 1 million jobs. The India-UAE CEPA has resulted in a strong growth of 40 per cent gem & jewellery exports to the UAE. The trade is looking forward to the signing of India-UK, India-EU and India-Canada FTAs in near future, which will give exports big boost. The renegotiation process of old FTAs with ASEAN countries is underway.
How does the first-ever mega Common Facility Centre (CFC) Bharat Ratnam in SEEPZ contribute to job creation?
Bharat Ratnam, the mega CFC created at SEEPZ is a dream come true! This is all thanks to the public-private partnership and proactive initiatives of GJEPC and SEEPZ. It trains 300 physically challenged girls and boys as of now but, soon, mega CFC will impart training to 1,500 special youngsters every year.