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Commerce and Industry Minister Piyush Goyal on Tuesday called upon gem and jewellery exporters to target USD 100 billion of exports annually in the coming years as the sector holds huge potential to boost outbound shipments.
He urged the industry to suggest ways to take the exports to that level by creating incisive marketing tools and irresistible designs.
"Let's go for USD 100 billion target," Goyal said while addressing export members of the Gem and Jewellery Export Promotion Council (GJEPC) here.
He informed that the sector has accounted for about 10 per cent of the country's USD 400 billion exports, which India has crossed during the current fiscal.
He said that the government would act as a facilitator and enabler to promote the growth of the sector in the UAE and other world destinations.
A Comprehensive Economic Partnership Agreement (CEPA) was signed by India and the United Arab Emirates (UAE) in February, which would come into force on May 1.
Exporters hailed the agreement stating that it would help in posting India's exports from sectors like textiles, pharmaceuticals, gem and jewellery and chemicals.
GJEPC Chairman Colin Shah said that the agreement would help in boosting the exports to the UAE and to regions including Africa and Middle East nations.
"Our exports to the UAE are increasing and we would work to double or triple it in the years to come," Shah said.
Shah said that with nil import duty on jewellery under the pact, "we are expecting jewellery exports to the UAE will move to new heights (USD 10 billion annually)".
Goyal also inaugurated The India Jewellery Exposition (IJEX) Centre in Dubai, a project of the council.
IJEX is a one-stop destination for the world to source Indian jewellery in Dubai. The platform will enable GJEPC members to display goods and book orders throughout the year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)