GJEPC promotes jewellery industry growth at Mumbai Banking Summit

By

Isabelle Crossley

Published
Oct 18, 2022

The Gem and Jewellery Export Promotion Council held its Banking Summit to promote better banking and business practices in the jewellery industry and shared its goal of reaching $55 billion in gem and jewellery exports by 2025. 

The summit ran at the St Regis in Mumbai on October 14 and was inaugurated by Minister of State for Finance, Bhagwat Kishanrao Karadnas well as GJEPC chairman Vipul Shah among others, the GJEPC reported on its website. The event was powered by World Gold Council and ran in association with IndusInd Bank. Shah shared the new export target as industry players discussed how to level up the sector. 
 
“The gem and jewellery is an important contributor to our economy, bringing valuable foreign exchange and employing around 45 lakh people,” said Karad, the GJEPC reported. “Until today, India has been a price-taking economy, trying to be at par with the bigger players around the globe. But now, with the establishment of an international bullion exchange, it will bring positive impact towards making India a price maker in the world. The government is always open to discussions and suggestions from the gem and jewellery sector to help it reach newer heights.”

The GJEPC’s vice chairman Kirit Bhansali thanked the government in his address for supporting the industry and enabling it to further penetrate foreign markets in the 2022 financial year. Other speakers urged banking institutions to provide reasonable and adequate credit to micro, small, and medium enterprises to enable them to grow. 
 
“India has emerged as a bright light at a time when the world is facing imminent prospects of a recession,” said Shah. “Over the past few years, the trade members have worked on making the sector more organised, disciplined, and self-regulating and transparent. And this has been reflected in improved credit flow to the sector from banks and financial institutions. In March 2022, credit to gem and jewellery sector rose to a six-year peak of Rs 80,400 crore. In a span of two years, from March 2020 to March 2022, credit to the gem and jewellery sector grew by 35%, whereas credit to all sectors grew by 6.7%.”