India’s Gem and jew­ellery exports to cross $100 bn. soon : Mukesh Ambani

MUMBAI : The India Gem & Jewellery industry would achieve exports of $100 billion in a few years and Indian-designed jewellery would make its mark globally, Mr. 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 here.

Unsold hous­ing invent­or­ies fell 7% in the last three months across nine major cit­ies to about 4.81 lakh units on higher sales than new sup­ply, PropEquity said. Real estate data-ana­lytic firm PropEquity data showed unsold hous­ing stock slid to 4,81,566 units at the end of March this year from 5,18,868 units at the end of Decem­ber 2023 across 9 major cit­ies. The cit­ies are Mum­bai, Navi Mum­bai, Thane, Delhi-NCR, Bengaluru, Hydera­bad, Pune, Chen­nai and Kolk­ata.

“Evolving remark­ably over the years, the industry has emerged as a lead­ing player in the global lux­ury mar­ket, and 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.”

Mr. Vipul Shah, Chair­man, Gem & Jew­ellery Export Pro­mo­tion Coun­cil, said, “Today, India’s 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”.

“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.