Nitin Khandelwal, Chairman of the All India Gems & Jewellery Domestic Council (GJC), known formerly as the All India Gems & Jewellery Trade Federation (GJF), said the body had set a target of creating two million more jobs — 40 percent of them for women — and the addition of $25 billion in value to the entire sector, to grow it to $100 billion by 2025.
Khandelwal was speaking at the sidelines of the GJC’s Manthan conclave on the future of the Indian gem and jewellery sector, in Mumbai on Thursday.
According to Khandelwal, domestic market sentiment is improving and the GJC is expecting an increase in demand for gold jewellery over the upcoming marriage season. He said the Indian gems and jewellery business is a good example of the government's 'Make-in-India' initiative, contributing around 7 per cent of the country's GDP.
The GJC Chairman added that the sector employs more than 4.6 million people, thus contributing significantly to the country’s socio-economic well-being.
Khandelwal said the West Bengal government has already allotted a 25,000 square foot plot for a gem and jewellery park at Ankurhati in the Domjur region, while the Maharashtra government has proposed a gems and jewellery park on a 25-acre plot in Navi Mumbai. "We are also looking at setting up training centres across the country," the GJC Chairman said.
Khandelwal stated that the GJC hopes to transform the domestic gem and jewellery sector, only 60 percent of which is currently in the organised segment after the implementation of the Goods and Services Tax (GST), into one that is fully organised.