Honorable Prime Minister, Mr. Narendra Modi on Sunday addressed the Gem Jewellery Export Promotion Council on the occasion of its golden jubilee celebration through video-conference. In his address, he urged the Indian diamond industry to not just stick at being a diamond cutting and polishing hub, but rather also focus on becoming the international trading centre and “preferred destination for manufacturing”.
“Our aim is to make India a preferred destination for (diamond) manufacturing. We are already a cutting and polishing hub. My intention is to make India an international diamond trading hub,” Modi said.
PM Modi mentioned that India has taken several steps to become the world’s largest manufacturer as well as exporter of polished and cut diamonds.
“From just USD 28 million in 1966-67, it has now reached USD 40 billion. Our aim is to make India a preferred destination for manufacturing,” he said
In the past 50 years, the Prime Minister said, “the gems and jewellery sector has accounted for USD 475 billion of exports despite not having domestic production of either gold or diamond. By giving employment to over 4.6 million people, the industry is a major contributor to the government’s skill India initiative.”
“Skill India initiative seeks to make sure that new attempts are made to ensure that the workforce has the necessary skills to contribute to the economy of the 21st century. The gems and jewellery sector employs 4.6 million people, out of this, 1 million are in the diamond industry alone. Thus the gems and jewellery sector is a prime example of the potential of Make-in-India and Skill India,” he said.
“This sector has come a long way from where it was. However, it is still far, far behind where it should be. Our strongest area is diamond cutting and polishing. In terms of the global value, our market share is much lower than it should be. Our future is much bigger than cutting and polishing. We have a lot of unexplored potential,” the honorable PM said.
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