India targets 75 bln USD exports in gems, jewellery by 2025

MUMBAI, March 6 (Xinhua) -- India would achieve an export target of 75 billion U.S. dollars in gems and jewellery by 2025, Union Minister for Commerce and Industry Suresh Prabhu said on late Tuesday.

"The industry will achieve the export target of 75 billion U.S. dollars by 2025, up from the current figure of 42 billion U.S. dollars annually," Prabhu said after laying the foundation stone for a jewellery park in Navi Mumbai, an adjacent satellite town to the financial capital Mumbai.

The proposed jewellery park is an integrated industrial park with all facilities under one roof. It will have manufacturing units, commercial areas, residences for industrial workers, and commercial support services.

The jewellery park is a project of the Gems Jewellery Export Promotion Council planned at an investment of 2.05 billion U.S. dollars and is expected to generate an annual turnover of 5.87 billion U.S. dollars, a major part of which will be exports.

Indian jewellery industry plays an important role in the economy, accounting for 7 percent of GDP and 14 percent of merchandise exports and provides direct employment to 5 million people.