IIJS Signature begins to help boost exports to reach USD 45.7 bn

The last quarter of this fiscal is very crucial as it demands strong growth to achieve this years target of USD 45.7 billion, GJEPC chairman Vipul Shah said in a statement.Post the operationalisation of India-UAE CEPA Comprehensive Economic Partnership Agreement, the gem and jewellery industry witnessed around 25 per cent growth in exports to the Middle Eastern country, he noted.And now with India-Australia ECTA Economic Cooperation and Trade Agreement, we will witness similar growth in exports to Australia in the coming months.

The India International Jewellery Show (IIJS Signature) 2023 will boost the sector and help achieve the USD 45.7 billion export target of this financial year, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday.

IIJS Signature 2023, which began on Thursday, is a five-day long event.

''India's overall gem and jewellery exports this year saw a growth of 8.26 per cent compared to last year. The last quarter of this fiscal is very crucial as it demands strong growth to achieve this year's target of USD 45.7 billion,'' GJEPC chairman Vipul Shah said in a statement.

Post the operationalisation of India-UAE CEPA (Comprehensive Economic Partnership Agreement), the gem and jewellery industry witnessed around 25 per cent growth in exports to the Middle Eastern country, he noted.

''And now with India-Australia ECTA (Economic Cooperation and Trade Agreement), we will witness similar growth in exports to Australia in the coming months. We also look forward to the FTAs with the UK and Canada,'' Shah added. During the event, Minister of State for Commerce and Industry Anupriya Patel said, ''With USD 40 billion worth of exports, the gems and jewellery sector is a prominent contributor to growing Indian exports year on year.'' India has just signed two significant FTAs with the UAE and Australia, which has resulted in strong double-digit growth in exports to these countries, the minister said.

''Talks are going on with Canada, EU and UK, and Piyush has promised to operationalise two more FTAs this year. IIJS Signature has always had a rich legacy and this 'green' expo edition is special as it has a special booth for women entrepreneurs and a showcase for budding jewellery designers. ''We have taken several steps such as implementation of a simplified regulatory framework for gem and jewellery exports through e-commerce, reduction of duties for imports of diamonds, a new gold monetisation policy and hallmarking norms to promote exports,'' she added.

This year, IIJS Signature has a record number of 800 foreign visitors from 600 companies across 50 countries.

Delegations have come from the US, Canada, United Kingdom, Malaysia, Sri Lanka, Iran, Bangladesh, Nepal, UAE, Bahrain and Russia.

For the first time, a delegation has come from Saudi Arabia with 18 prime buyers, the statement added.

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