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`Branding will give us edge in world markets, says Kamal Nath

MEETING OF MINDS: The Union Minister for Commerce and Industry, Mr Kamal Nath, and the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, at the 33rd annual awards function organised by the Gem and Jewellery Export Promotion Council on Saturday in Kolkata. — A. Roy Chowdhury

Kolkata , Nov. 25

Describing the gems & jewellery exports sector as an important employment generating one today, rather than a dollar generating one that it was 15 years ago, Mr Kamal Nath, Union Minister for Commerce and Industry, has urged the exporting community to further develop skills for higher value addition to become globally competitive.

He said this was the major challenge (of remaining competitive) before the Indian gems & jewellery exports sector, which willy-nilly has to re-energise itself in a big way for this global engagement. He felt this was both a challenge and an opportunity, especially in areas like branding or making jewellery of lower carat gold to suit the world market.

Branding Jewellery

New jewellery manufacturers from countries such as Vietnam and Sri Lanka are fast emerging on the world scene today, and this is the challenge that needs to be faced. Branding of Indian jewellery items will give that competitive edge, he pointed out.

Speaking at the inaugural session of the 33rd Annual Awards ceremony of the Gems and Jewellery Export Promotion Council here on Saturday, the Minister said: "India's moment has now come, and as a young nation, we should rise to the occasion."

Lauding the performance of the gems & jewellery sector, which clocked exports of Rs 73,304.29 crore in 2005-06, compared with Rs 70,245.95 crore in the previous fiscal, the Minister said the need of the hour was to emerge out of the family tradition mould, and get more professional in approach. "We need to spread out, if we have to attract the best skills in the jewellery business."

Suggesting that the SEZs will provide the necessary impetus for investments to flow in, he said the Government's sights are now well set on a presumptive tax or a Goods and Services Tax by 2009.

Mr Kamal Nath said the revenue loss being projected on account of the SEZs could not but be a notional one. Asean Talks

Asked on the Asean FTA talks, the Minister said progress was expected to be made, particularly with regard to the Negative Lists, at the Asean Economic Ministers' meeting beginning at Jakarta on December 9, 2006. Both, the Prime Minister, Dr Manmohan Singh and the Union Minister of Commerce and Industry, Mr Kamal Nath, are expected to be in Jakarta during the course of the negotiations.

More Stories on : Gems & Jewellery | Foreign Trade | Brands

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