Role of Gem and Jewellery Industry Lauded in India’s Prowess

Winners for the Exports Awards 2009-10 Honoured
Role of Gem and Jewellery Industry Lauded in India’s Prowess

The 37th Annual Awards for the Gem and Jewellery Export Promotion Council (GJEPC) was held on October 11th, 2010 at the Taj Mahal Palace Hotel, Mumbai. The event celebrated the “Nothing is Impossible” spirit of the industry.

Rajiv Jain, Chairman, GJEPC in his welcome address said, “At every stage in the last four and a half decades since the Council was formed, it was the efforts of the leading companies, both individually and collectively, that helped the industry to grow.”

He further said that in the financial year ended March 2010, gem and jewellery exports from India registered a huge 18.23 percent growth, and stood at US$ 29.433 billion. The industry contributes 16.67 percent of the country’s total merchandise exports. Of this, the cut and polished diamonds segment occupied a major share of 61.97 percent. And the export figure of cut and polished diamonds for FY 2009-10 stood atUS$ 18.244 billion.

Rajiv Jain also put forward the pressing demands of the industry, that of a world class convention centre and a system of turn over tax as applicable in Israel and Antwerp.

Acknowledging the growing importance of the gem and jewellery Industry, Praful Patel, the Honorary Minister of State for Civil Aviation, Govt. of India and the presiding guest for the evening said, “Forty years ago India did not have much of foreign exchange or exports to talk about and all the exporters present here are aware of the difficulties we faced to break into the international market. Forty years is not a very long time but an immense transformation has taken place, the gem and jewellery industry has transformed in spite of the government and not because of the government”.

He also appreciated the industry’s role in creating millions of job opportunities as well as generating foreign exchange for the country. He further added that the upcoming airport in Navi Mumbai would certainly be beneficial to the industry by aiding the movement of traders and goods.

The Chief Guest for the occasion Prof. K.V.Thomas, Honorary Minister of State for Agriculture, Consumer Affairs, Food and Public Distribution, Govt. of India, outlining the importance of the G&J Industry said, “The Indian craftsmanship is considered one of the best in the world. India imports 800 tonnes of gold of which 600 tonnes are used for jewellery. The industry also provides 3.2 million jobs”. He also complimented the GJEPC for conducting trade shows like India International Jewellery Show (IIJS) and the Indo-Euro summit along with addressing exporter’s and jeweller’s issues every now and then.

Varda Shine, CEO, DTC, the Guest of Honour for the evening stressing on the importance of planning for the industry said, “The world is changing rapidly, we should not plan for weeks and months ahead but rather for five, ten and twenty years in the future. We have just got the date for launching the new bourse; this is an excellent example for India’s long term planning. And for De Beers it is the introduction of Best Practice Principles (BPP) which has led to an ethical supply of diamonds in India and helped in improving working conditions.” She also mentioned about the importance of incorporating Corporate Responsibility programmes in a company’s growth plans and strategies.

The evening saw the following receive the Export Awards for 2009-10, in their respective categories:

Cut and Polished Diamonds (DTC Sighthodlers)- Kiran Gems Pvt. Ltd.- Mumbai, Dharmanandan Diamonds Pvt. Ltd.- Mumbai, Laxmi Diamonds Pvt. Ltd. – Mumbai, Sanghavi Exports International Pvt Ltd. – Mumbai,

Cut and Polished Diamonds (Others) - Shree Ramkrishna Export – Mumbai, J. B. & Brothers Pvt. Ltd. – Mumbai, Hari Krishna Exports – Mumbai, Star Rays – Mumbai

Studded Precious Metal Jewellery Exports from EPZ/EOU Complexes - Shree Ganesh Jewellery House Ltd. – Kolkata, Kiran Jewelry - Surat

Plain precious metal jewellery exports by units from EOU/EPZ - Shree Ganesh Jewellery House Ltd., Kolkata

Plain gold jewellery (DTA) - SCG Exports Pvt. Ltd., Kolkata

Cut & Polished colur gemstones Payment realisation basis- Star Jewellery- Jaipur, Kothari Gems – Jaipur.

Cut & Polished synthetic stones - Industrial Jewels Pvt. Ltd.- Mumbai.

Costume & Fashion Jewellery - Amrapali Exports- Jaipur.

Processed & Polished Pearls - Dipak Deepchand Taswala – Mumbai.

Silver Jewellery - ACPL Exports Pvt. Ltd.- New Delhi.

Sales to foreign tourists - The Gem Palace – Jaipur.

Total limit sanctioned by bank - State Bank of India, Royal Bank of Scotland NV.

% Growth in number of clients financed - State Bank of India.

Agencies supplying gold to exporters against replenishment - The State Trading Corporation Ltd. - New Delhi.

Highest importers of cut and polished diamonds - S.E. ASIA - R.A. Gem Centre Ltd. - Hong Kong.

Highest importers of cut and polished diamonds – USA - • Anaya Gems, Inc.- USA

Highest importers of cut and polished diamonds Europe - Kiran Exports BVBA – Belgium

Highest importers of cut and polished diamonds – Japan - Tsutsumi Jewellery Co. Ltd.- Japan

Highest importers of gold jewellery (Plain & studded) -Siroya Jewellers LLC – UAE.

Highest importers of coloured gemstones - Lee Gems & Jewellery Co. - Hong Kong.

Emerging exporters category - Parishi Diamonds – Mumbai.

On the whole, the evening celebrated the growth and unity of the industry and concluded with a vote of thanks from Award Committee Convener Kanubhai B. Shah. The event was hosted in Mumbai after a span of five years, previous to which it was hosted in cities like Kolkata, New Delhi, Chennai and Jaipur. The event was supported by Dharmanandan Diamonds.

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