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Gem & Jewellery Export Promotion Council (GJEPC): India has the potential to become a global manufacturing hub for gems and jewelry, according to Union Commerce and Industry Minister Piyush Goyal. Speaking at the annual World Jewellery Confederation Congress in Jaipur, Goyal highlighted the significance of the industry to India's economy, with its contribution to annual merchandise exports and employment of nearly 5 million people.

Gems & Jewellery Sector Commits to Elevating Trust, Transparency, Sustainability, Traceability, and Responsible Sourcing Through Self-Governance

India has the potential to become a global manufacturing hub for gems and jewelry, according to Union Commerce and Industry Minister Piyush Goyal. Speaking at the annual World Jewellery Confederation Congress in Jaipur, Goyal highlighted the significance of the industry to India's economy, with its contribution to annual merchandise exports and employment of nearly 5 million people.

The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase in inventories of polished diamonds.

The Indian diamond trade has decided to halt imports of rough diamonds from major mining companies for two months starting from October 15. This decision comes as the demand for cut and polished diamonds in the US and China has been slowing down. The move aims to reduce the industry's polished stock inventory, protect its financial health, and save jobs for approximately two million workers.