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20/03/2017 01:54pm

PM Modi asks diamond industry to go beyond cutting and polishing, make India mfg hub

image PM Modi asks diamond industry to go beyond cutting and polishing, make India mfg hub

Mumbai, Mar 20 (KNN) Prime Minister Narendra Modi has asked the Indian diamond industry to go beyond cutting and polishing diamond and become the world’s destination for diamond manufacturing.

Modi was addressing at the golden jubilee celebration of Gems Jewellery Export Promotion Council in Mumbai through video-conference on Sunday evening.

"Our aim is to make India a preferred destination for (diamond) manufacturing. We are already a cutting and polishing hub. My intention is to make India an international diamond trading hub," Modi said.

PM Modi pointed that India has become world's largest manufacturer and exporter of cut and polished diamonds. From just USD 28 million in 1966-67, it has now reached USD 40 billion. Our aim is to transform India in one generation... Our aim is to make India a preferred destination for manufacturing.”

By giving employment to over 4.6 million people, the industry is a major contributor to the government's skill India initiative, Modi said.

"Indian exports are importer-led. The specification and designs are based on the specifications given by importers. This means that India is a follower of global fashion rather than a leader of global taste. This does not do justice to our rich experience and designs. To influence the global taste, our manufacturers need to have a thorough knowledge of the market. The industry needs to collectively study and understand the end user and what they want," he said.

"E-commerce makes it easier to establish direct contact with end-users. This is a golden opportunity for our industry as it can think of encouraging its start-ups by young entrepreneurs who can create a growing market from made-to order gems and jewellery," Modi said.

Assuring complete support to the industry regarding its grievances, the Prime Minister said, "My government will certainly consider any plan if the industry gives specific and practical suggestions which are in the interest of the country."

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