New Delhi, Dec 20 (KNN) Union Commerce and Industry Minister Piyush Goyal on Friday lauded the gem & jewellery sector and said that it has potential to create jobs.

He also urged the gem and jewellery sector to step up and increase its exports to 75 billion dollars faster in order to boost exports and employment in the country.

Speaking on the occasion of the 46th India Gem & Jewellery awards 2019 here, he said, ''the Indian gem and jewellery sector has a huge potential to grow in the trade and in the creation of more jobs. The government will extend all help to the sector to achieve its target.

The minister further urged entrepreneurs in the sector to make full use of the forthcoming NIRVIK Scheme of Export Credit Guarantee Corporation of India (ECGC).

This scheme is aimed at easing the lending process and enhancing loan availability for exporters. It is also an insurance cover guarantee that will cover up to 90 per cent of the principal and interest.

India is one of the largest consumers of gold and the domestic gem and jewellery sector comprise around 7 per cent of the country’s GDP and 15 per cent to the total merchandise exports. On the back of these statistics, Goyal said that this sector can reach the 75 billion dollars target faster.

Out of the 15 diamonds mined in the world, 14 are cut and polished in India, therefore it becomes important that this sector help in training talent and scale upskilling to get more value.

Goyal also urged the diamond industry to set up more skilling centres and get more skilled manpower into this sector adding that ''those in the gem and jewellery sector must also address the issue of unnecessary import of gold.''

''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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