Troubled gem and jewellery sector has managed to sign deals worth ₹8,000 crore at the recent India International Jewellery show organised by the Gem and Jewellery Export Promotion Council in Mumbai.

Colin Shah, Vice-Chairman, GJEPC, said the total volume of business generated in this year’s event crossed ₹8,000 crore and has come when the industry needed it the most due to prevailing headwinds that the trade has witnessed over the past 12 months.

The banking sector has tightened provisions for providing working capital loan for the industry after diamantaries Nirav Modi and Mehul Choksi defrauded banks of crores of rupees before fleeing from the country. Once bitten, banks currently demand more collateral from jewellers than the value of loan they seek, putting the industry in doldrums.

IIJS received over 40,000 visitors from 80 countries and previewing exhibits of over 1,300 participants. GJEPC had organised a preview of jewellery collections to select leading international buyers and provided them an opportunity to overview the innovative designs and latest trends.

Pramod Agrawal, Chairman, GJEPC, said there is so much unrealised potential in Indian artisans alongside the growing global demand which can be tapped by the industry.

Gem and jewellery exports about $41 billion a year, contributing 7 per cent of GDP.

GJEPC has received Government grant to set up 13 Common Facility Centres across all major clusters. It has opened three centres in Amreli, Visnagar and Palanpur in Gujarat. Similar facilities are being planned in Junagadh, Rajkot, Coimbatore, Kolkata, Jaipur, Delhi and Hyderabad. The Council’s vision is to add another 2 million-strong workforce to the sector and take gem and jewellery exports to $60 billion in the next few years.

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