India’s domestic gem and jewellery trade is expected to touch Rs 1,25,000-crore by 2012 from the present Rs 80,000-crore, a top industry official said.
“In times of recession when all industries have been hit hard, we are targeting growth from Rs 80,000-crore to Rs 1,25,000-crore by year 2012,” All India Gem and Jewellery Trade Federation (GJF) chairman C Vinod Hayagriv said here.
“We are looking at a 17 per cent growth in the sector over the next three years from the present 8 per cent growth per annum. Our target is that every jeweller in India should achieve an additional 50 per cent growth in three years,” Hayagriv said.
He expects the gem and jewellery business to improve during the Akshaya Tritya festival period next week. After the slowdown in February and March, the jewellery consumption will increase in the next few weeks, he said.
Hayagriv’s vision is to make GJF India’s nodal jewellery body with a world-class organisational structure to make Indian jewellery industry the finest in the world and to help it grow to Rs 1,25,000-crore before end-2012 in a highly ethical, fair and transparent manner, involving every city, state, district and taluka.
As part of its expansion programme, GJF aims to reach out to 35 states and, 68 cities and towns and enroll 100,000 members, he said.
At its recently-held fourth Annual General Body Meeting in Mumbai, members passed a resolution to make the trade body a National Council under the aegis of the Ministry of Commerce and Industry.
Members also discussed the need to support the GJEPC to make and initiate co-operative marketing programmes, Hayagriv said.