Mumbai, Jan 8 (NationPress) Implementing a cluster-oriented strategy to resolve issues related to policy, infrastructure, technology, and financing could significantly enhance India's gems and jewellery exports, targeting a remarkable $75 billion by the year 2030, as highlighted in a report published recently.

This collaborative analysis by the Export-Import Bank of India (Exim Bank) and the Gems and Jewellery Export Promotion Council (GJEPC) identifies and evaluates 17 district-based clusters with substantial export potential.

Notably, the Mumbai Suburban region has been recognized as the leading cluster, with Surat, Mumbai, Kolkata, and Jaipur also standing out as key players.

The report reveals that India possesses an untapped export capability worth $38 billion in the gems and jewellery domain.

Harsha Bangari, Managing Director of Exim Bank, emphasized the critical contribution of the gems and jewellery industry to India's economic output, exports, and job creation.

Bangari also pointed out the combined efforts of Exim Bank and GJEPC in performing a thorough evaluation of the sector at the cluster level.

Furthermore, she mentioned that this study will act as a crucial guide for policymakers, industry players, and academic institutions, aiming to strengthen India's position in the global gems and jewellery market.

To seize this opportunity, the report advocates for diversifying into high-value product categories, including diamond-studded jewellery, lightweight gold jewellery, luxury smart jewellery, imitation jewellery, synthetic gemstones, astrology-inspired designs, and cultured pearls.

Additionally, it suggests exploring markets in emerging economies like Vietnam, Singapore, Thailand, Botswana, Russia, and Sri Lanka, along with established markets such as Singapore and the European Union.

To enhance policy support, the report recommends extending state-level incentives like capital subsidies, SGST reimbursements, and streamlined clearance procedures. A design-led incentive scheme could also be introduced to encourage innovation.

Enhancing infrastructure is another vital focus of the study, with suggestions to implement a hub-and-spoke model for Common Facility Centres, fortify SEZs in Cochin and Chennai, and expand SEZs in Surat and Jaipur.

The research also highlights customs-related obstacles—such as limited airside access for custodians in Jaipur, insufficient appraisal facilities in Ahmedabad and Rajkot, and a lack of risk-based sampling—emphasizing the necessity to resolve these issues to boost exports.