Indian G&J sector should be given industry status: Assocham

Assocham in its opinion has expressed that the Indian government should give industry status to the country’s gem and jewellery sector, reports say. The trade body noted that the industry status would enable the sector to get a boost and considering the sector is facing tough times now it needed government attention to unlock its potential in employment generation and contributing to the country’s economy.

The recommendation by Assocham was made in its 'Gems and Jewellery: Contributing to Make in India' study which was conducted jointly by Assocham and Thought Arbitrage Research Institute (TARI), as per reports.

Assocham also mentioned that the industry status would add much encouragement to the sector, as it could help boost investments, reduce costs and enhance status of Indian brands in the global markets. Assocham also recommended a separate ministry or department be created for the sector," he added. The size of the Indian gem and jewellery is ‘one of the largest in the world with a share of 29 per cent in global jewellery consumption’ and its size contributes around 6 to 7 percent of the country's GDP. Also, it stands at number two in terms of contributing to the Indian commodity exports (13 percent). But according to Assocham the young workers are changing employment from this sector to others which pay more, as the gem and jewellery sector wages are one of the lowest as compared to other manufacturing sectors, as per reports.