‘Gem’ of a Century Soon – Mukesh Ambani

Reliance CMD Mukesh Ambani has expressed the confidence that India’s gem & jewellery industry will touch the 100-billion-dollar mark soon

MUMBAI, Apr 1 (The CONNECT) – Reliance Industries Chairman and Managing Director Mukesh Ambani has expressed the confidence that India’s gem & jewellery industry will touch the 100-billion-dollar mark within the next few years.

Speaking at the 50^th India Gem & Jewellery Awards presented by the Gem & Jewellery Export Promotion Council (GJEPC), Ambani said evolving remarkably over the years, the industry has emerged as a leading player in the global luxury market, as well as a pivotal contributor to India’s export economy.

It has also become a major generator of large-scale employment opportunities, he said and pointed out that the world today stands in awe of the power of Indian design, the creativity of Indian designers, the quality of Indian materials, and the sheer range of India’s aesthetics in products that cater to diverse customers.

As a result, the industry is poised to more than double its share in the global market in the coming years, he said appreciated the GJEPC’s relentless efforts and visionary leadership that has propelled the industry to such lofty heights.

The GJEPC has championed the cause of Indian gems and jewellery on the global stage, and has also played a crucial role in nurturing research, ensuring sustainable practices, and facilitating skill development within the sector, Ambai said.

The jewellery industry’s remarkable resilience and adaptability, particularly during uncertain economic periods, is proof of the stellar role played by the GJEPC.

“I am confident that, with the GJEPC continuing to provide strategic guidance and encourage innovation, the talent and the passion of our entrepreneurs and professionals will propel the Indian gems and jewellery industry to greater heights,” he added.

Maharashtra governor Ramesh Bais, who was the chief guest, said the Indian Gem and Jewellery industry accounts for 7 per cent of India’s GDP and employs more than 5 million skilled and semi-skilled workforce. It is heartening to note that Maharashtra is a major hub for gem and jewellery exports.

The GJEPC, he said, is playing a significant role in promoting Brand India through its multifaceted work for the industry and its members. “I am sure, members of the Council will make their maximum contribution in realizing India’s goal of achieving a 5 trillion dollar economy,” he said.

Shri Russell Mehta, MD, Rosy Blue (India), was bestowed with the Lifetime Achievement Award for his exemplary and impeccable contribution and serving as an inspirational model in the world of Gems & Jewellery.

GJEPC chairman Vipul Shah said,  India stands tall as a global leader in the gem and jewellery sector. “Our exports continue to rise, our domestic market flourishes, and our artisans inspire the world with their intricate creations. This progress is a direct reflection of the hard work, dedication, and collective vision of the industry stakeholders,” he said.

Moving forward, the industry’s trajectory aligns closely with Prime Minister Shri Narendra Modi’s vision of a prosperous and sustainable India or Viksit Bharat. GJEPC has been wholeheartedly committed to this cause, actively undertaking initiatives to drive growth and sustainability. These efforts not only contribute to the industry’s expansion but also ensure its alignment with the principles of Viksit Bharat,” added Shah.

Kirit Bhansali, Vice Chairman, GJEPC, said over the past five decades, our industry had come a long way, growing stronger with each passing year. Today, India is the preferred sourcing destination for gems and jewellery for the world. The impressive annual exports of gem and jewellery industry, valued at USD 40 billion, showcase the dedication and ambition of every exporter who dared to dream big,” he said.

Sriram Natarajan, Managing Director of GIA India said, the event is a significant milestone in our industry’s history, and the dedication and commitment shown by GJEPC in recognizing excellence within the gem and jewelry sector is truly commendable.

The 50^th Edition IGJA recognised every sector contributing to the Gems & Jewellery Industry in their own way while felicitating, recognizing & nurturing talent and mentorship in the industry (large players as well as M/SMEs) – winners included names such as Renaissance Global Ltd., Vaibhav Global Ltd., Emeral Jewel Industry India Ltd., Laxmi Diamond, Kiran Gems, Kiran Exports, Hasmukh Parekh Jewellers, Ashok Jewellers, Jewelex India, Kiran Jewellery, Shree Momai Krupa Jewellery, Dhanera Diamonds, Oopal Diamonds, Amrapalli Exports, Industrial Jewels, Green Lab Diamonds among others.

Heena Vimal Dhorda from M/s Shree Aavad Kruppa Jewellery won the Lifetime Achievement Award. Mrs. Foram Mehul Dhakan from M/s Shree Aavad Kruppa Jewellery won the Woman Entrepreneur of the Year.

Indusind Bank Ltd. won the Best Bank Financing the Gem & Jewellery Industry (Highest growth of limit sanctioned with minimum base of Rs. 500 crore).

The Winners List 2022-23