Commerce and Industry Minister further stated that the Indian gem and jewellery sector has a huge potential to grow in the trade and in creation of more jobs and he assured that the Ministry of Commerce and Industry will extend all help to the sector to achieve its target of USD 75 billion.

He urged entrepreneurs in the sector to make full use of the soon to be launched NIRVIK Scheme of ECGC that will ease the lending process and enhance loan availability for exporters. It will also make foreign exchange loans available at much cheaper rates not only for large export houses but also small exporters.
Commerce and Industry Minister informed that there are 4 Common Facility Centers being set-up in the country apart from the 4 that are already in use at present and the sector must make full use of them to get jewellery tested and certified.

Those in the gem and jewellery sector must also address the issue of unnecessary import of gold, he further urged those associated with the sector to device a scheme that will help the Government of India to unlock this asset that is lying locked up in personal vaults of the citizens which will help to reduce the burden on India’s FOREX reserves added the Minister.

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