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The Maharashtra government will provide special incentives to the gem and jewellery industry to boost ‘smart jewellery manufacturing’ and allot land for a big exhibition and convention centre in Mumbai.
The announcement on these initiatives is expected in the new industrial policy due in September.
The Centre has also announced the introduction of the Diamond Imprest Licence which will benefit MSME exporters. The licence allows Indian diamond exporters above a certain export turnover to import at least 5 per cent of the average export turnover of the preceding three years.
This will provide a level playing field for the Indian MSME diamond exporters with that of their larger peers. It is expected to rein in the shift in investment of Indian diamantaires to diamond mining destinations, and generate more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories.
Dr Harshdeep Kamble, Principal Secretary (Industries), Maharashtra said the State government will promote ‘smart jewellery manufacturing’ in the new industrial policy to be announced in September.
The government will also ensure that the industry gets a large exhibition and convention centre to promote their products among foreign buyers, he said at the India International Jewellery Show Premiere organised by the Gem and Jewellery Export Promotion Council (GJEPC).
- Also read: Landscape of gold industry in India
Smart manufacturing
“The future lies in smart manufacturing and technological advancements, and Magnetic Maharashtra is poised to lead the way in this new era of industrial development,” he added.
Vipul Shah, Chairman, GJEPC said the industry is committed to drive innovation and expand into new markets.
With the continued support of the government and the industry’s collective efforts, the industry is confident of achieving gem and jewellery export target of $100 billion by 2047, he said.
IIJS Premiere features a wide array of products including diamond, gemstone, and studded jewellery, gold and gold CZ jewellery, lab-grown diamonds, high-end couture jewellery, silver jewellery and artefacts, color gemstones and machinery, technology, and allied industries.
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