The Indian government is ready to boost export-led industries through a range of economic measures, External Affairs Minister Subrahmanyam Jaishankar said during a meeting with the Gem and Jewellery Export Promotion Council (GJEPC).
The industry leaders discussed with the Foreign Minister the shrinking US market, fluctuating global demand and increasing competition. The participants stressed the need for diversification and increased government support to stabilize and grow exports.
Noting the technological advancements in the diamond industry, the minister reiterated the government’s commitment to boosting export-led growth. He also spoke about the G7 sanctions on Russian diamonds and their implications for the diamond and jewellery industry. According to him, the Indian government is concerned about the decline in exports from India and is committed to formulating a strategic policy framework to turn the tide in India’s favor at a very difficult time for the global economy. “We are grateful for your active support in mitigating the impact of the G7 sanctions on Russian diamonds, which has allowed our industry to continue to operate with resilience and adaptation,” said GJEPC head Vipul Shah. “In these challenging times, we seek strategic support from the Ministry of External Affairs and urge missions and embassies abroad to protect Indian gems and jewellery so that our exquisite crafts can find a home in every corner of the world. With your support, we can expand India’s presence in the global market, improve market access and elevate the industry to new heights during this critical period.”
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
