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GJEPC, MAHARASHTRA GOVT SIGN MOU IN DAVOS FOR DEVELOPMENT OF INDIA’S FIRST AND
LARGEST JEWELLERY PARK IN NAVI MUMBAI
(ICE) – ROMA, 19 GEN – The Gem & Jewellery Export Promotion Council (GJEPC) and the Government of Maharashtra signed a Memorandum of Understanding (MoU) during the World Economic Forum 2024 for the development of India’s first and largest Jewellery Park in Navi Mumbai.
The MoU was signed by Chief Minister of Maharashtra Eknath Shinde and GJEPC Chairman Vipul Shah in the presence of Uday Samant, Minister of Industries; Dr Harshdeep Kamble, IAS, Principal Secretary of Industries; Shrikant Shinde, Member of the Lok Sabha; Bhushan Gagrani, Principal Secretary, Urban Development Department, and Vipin Sharma, CEO, MIDC; Kirit Bhansali, Vice Chairman, GJEPC and Sabyasachi Ray, Executive Director, GJEPC.
Chief Minister Eknath Shinde said, “Maharashtra has consistently been a leader in trade and business, including its prominent role in gem and jewellery exports. The state contributes a significant 72 per cent to India’s overall gem and jewellery exports, showcasing its prominent role in this industry. Jewellery Park in Navi Mumbai is a dream project of Maharashtra set to generate 1 lakh jobs in the sector. This initiative is poised to further elevate the gem and jewellery trade within the state, making significant contributions to the nation’s economy. I assure you that the government will extend support to GJEPC in all possible ways, fostering a thriving environment for this critical sector.”
Vipul Shah, Chairman, GJEPC, said, “Jewellery Park in Navi Mumbai is a dream project for Maharashtra and India which is in line with our beloved Prime Minister Shri Narendra Modi’s vision of Make in India.”
Talking about the MoU with Maharashtra Govt, Vipul Shah added, “This collaboration is an immense privilege and a source of great pride, representing a shared commitment with the Maharashtra Government to propel the gem and jewellery industry to new heights. This will be a game changer for not only the state of Maharashtra but also the Indian economy as the visionary project comes with a substantial investment of Rs 50,000 crores and is expected to generate 1 lakh new jobs in the sector.”
Expressing GJEPC commitment to complete the work of Jewellery park in 36 months within the start of the project, Vipul Shah extended gratitude to Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for invaluable support, acknowledging the facilitation of necessary permissions, registrations, approvals, clearances, and fiscal incentives from relevant state departments. This collaboration aligns with existing policies, rules, and regulations, underscoring the shared commitment to the success of the project.
Kirit Bhansali, Vice Chairman of GJEPC, said, “Embarking on a colossal project like Jewellery Park would have been impossible without the steadfast support of Maharashtra Government. I extend my sincere thanks to both Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their assurance and support in initiating this project. I am confident that their continued support will guide us to the successful completion of the project.”
In the heart of the Mahape industrial area, the Government of Maharashtra has allocated a 21-acre land to GJEPC. India Jewellery Park is envisioned to be a comprehensive hub, offering state-of-the-art infrastructure and ancillary facilities, along with a skilled workforce, to manufacturers in the gems and jewellery industry. The park aims to establish an end-to-end jewellery manufacturing ecosystem by providing integrated services under one roof, including security, logistics, refineries, machinery, and more.
The facilities encompass various essential components such as a Customs office, effluent treatment plant, compound wall, centralized vaulting system, water supply, workshops, and allied utilities.
INDIA TO LEAD GLOBAL NATURAL DIAMOND DEMAND IN 2024
(ICE) – ROMA, 16 GEN – India will lead the global natural diamond demand in 2024 as the country is in a better financial state than other major buyers of the rock like the US and China, David Kellie, CEO of Natural Diamond Council (NDC), has said.
NDC, the global authority on natural diamonds, has pegged the size of the global diamond market at $100.4 billion.
“The Indian market remains the strongest growth market in the world because of its strong financial position and changing demographics,” Kellie told ET in an interaction. “Indian women are now financially stronger, and they are driving the demand. The key economic indicators in the US are not yet favourable for a demand recovery in diamond purchase,” he said.
The NDC CEO said there will be a polarisation between natural diamond and lab-grown diamond markets as the latter grows as a category.
Commenting on the G7 countries’ sanctions on diamonds originating from Russia due to the country’s war with Ukraine, Kellie said it is a complicated process that is underway.
“I think everyone knows what the intent of G7 is. It wants to be cautious and also wants to achieve its own end goals. Clearly, they understand that they do not want to have a hugely negative impact on those markets that depend on such diamonds. That includes India and South Africa. The challenge will be the traceability issue of the diamonds and let’s see how that pans out,” he said.
Natural diamonds will become rarer as no new major mines are coming up, Kellie said. “Some mines are looking to extend their lives by another 15 years, but the cost to do that will be huge. The deeper you go into mine to dig out diamonds, the more it will cost… So, natural diamonds will become expensive according to me,” he said.
Vipul Shah, chairman of Gem & Jewellery Export Promotion Council, said the Indian diamond trade expects a 20% growth in diamond consumption in 2024 as compared to 2023 with demand rising for small diamonds as well as solitaires. “A large chunk of this demand is coming from tier-2 and tier-3 cities as organised retail jewellers expand their footprints in these cities,” he said.
“Our revenue from diamond jewellery sales has grown to Rs 3203 crore as of January 14, 2024 in FY2024 from Rs.3148 crore in FY2023. We aim to touch Rs.4100 crore in diamond jewellery sales in FY2024,” said MP Ahammed, chairman of Malabar Gold & Diamonds.
There are three key demand drivers for natural diamond in India – enduring allure, cost-effectiveness and quality assurance. The value proposition of natural diamonds is based on their inherent rarity and uniqueness. That’s why eternal emotions are best expressed through diamond jewellery.
The Malabar group chairman said “Thanks to persistent consumer awareness campaigns by industry bodies like Natural Diamond Council and our continued campaigns on our diamond jewellery collections as well as our quality and certification assurance, we have been witnessing steady demand for diamond jewellery in India both in metro cities and in tier 2 and tier 3
cities. If the natural diamond supply chain functions in line with the evolving market dynamics and the jewellery retail industry as a whole comes together to build greater consumer confidence and demystify certain common misconceptions, the pathway for sustainable demand for diamond jewellery will further be broadened across major markets and in emerging markets in tier 2 and tier 3 cities, as there is unmet demand for diamond in India.”
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RISE OF GOLD CONSUMPTION IN INDIA TO CONTINUE: SOMASUNDARAM PR, REGIONAL CEO FOR INDIA, WGC
(ICE) – ROMA, 16 GEN – India will continue to see a rise in the consumption of gold backed by higher prosperity within the middle class and a rising awareness about its importance in portfolios, says Somasundaram PR, the regional CEO for India at the World Gold Council.
“India will have to prepare for a rise in demand. There is no doubt about it because we are definitely becoming prosperous,” he said in an exclusive interaction with ET.
While consumers are still not very well-versed with the interplay of the yellow metal with other assets, several local and global events over the last decade have helped showcase gold’s resilience, especially in times of uncertainty. This is seen propelling consumption in this asset class further.
“While a small segment takes global factors into consideration, I don’t think we have still come to that level of sophistication. Or awareness where we think that if the stock market is heated up, let me go and buy gold. There is just that feeling that gold will keep going up every few years,” he said.
Gold prices in India have ended higher in four out of five years between 2019 and 2023, with gains ranging between 11-28%.
That said, there are prominent changes in the way Indians are consuming gold, he said.
Trade has become much more organised with people becoming comfortable in buying gold from the organized sector. Consumers have also adapted hallmarking in a big way, and are open to buying digital gold in the form of ETFs and sovereign gold bonds even if it remains a small portion of the overall consumption pie for gold.
“…the digital engagement is very high. Digital buying is still low, and I think at some stage it will converge and probably grow,” said Somasundaram.
In 2023, inflows into gold ETFs (exchange traded funds) surged by six times year-on-year to nearly 3,000 crore rupees, data from the Association of Mutual Funds showed.
The fact that gold prices are not subject to the regular scrutiny of returns, and are backed by purchases from central banks will also continue to underpin demand, Somasundaram said.
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PM MODI INAUGURATES BHARAT RATNAM MEGA CFC IN MUMBAI TO BOOST GEM AND JEWELLERY EXPORTS
(ICE) – ROMA, 16 GEN – Bharat Ratnam Mega CFC (Common Facility Centre) at the SEEPZ SEZ in Mumbai, which was inaugurated by Prime Minister Narendra Modi on Friday, will drive gem and jewellery exports from the country.
This project aims to create a world-class infrastructure for promoting the inherent skills of the gems and jewellery manufacturing industry. The Mega Common Facilitation Centre provides a supportive and collaborative environment for entrepreneurs, MSMEs and small businesses to grow and thrive.
Bharat Ratnam CFC will house the cutting-edge equipment, including a 3D Metal printer. It will also provide training and skilling for artisans, including specially abled students. The Mega CFC will transform the export sector in the gem and jewellery trade and will also help the domestic manufacturing.
Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “PM’s visionary strides towards shaping a Viksit Bharat are not only evident in groundbreaking policy reforms, but also in the development of infrastructure that promises to redefine the business landscape. The government’s steadfast support, exemplified by the establishment of the Mega CFC Bharat Ratnam in SEEPZ, Mumbai, lays a robust foundation for the industry’s future growth. Mega CFC is integral to the industry’s plan to double the SEZ export target from $7 billion to $15 billion, unlocking the untapped potential of around $30 billion.”
The Bharat Ratnam Mega CFC was conceptualised by GJEPC. The feasibility study and project report were done through the National Productivity Council by GJEPC. The project report was adopted by MoC and funded through SEEPZ. The implementation of the project was done under a Mega CFC Committee nominated by GJEPC along with SEEPZ Authority. GJEPC has signed an MoU to run and operate the Bharat Ratnam Mega CFC.
Rajesh Kumar Mishra, IRS Zonal Development Commissioner, SEEPZ-SEZ said “This essential renovation and upgrade were timely necessities which will further boost gem and jewellery exports from our country. And the best part is Mega CFC facilities will be made available at a reasonable rate not only to SEEPZ-SEZ units but also to factories outside the zone which will improve the output in terms of quality, productivity and yield of the finished jewellery.”
C. P. S. Chauhan. IRS, Joint Development Commissioner, SEEPZ-SEZ, said, “After the Bhoomi Poojan on September 1st, 2022, the construction of the Mega CFC was completed within an astonishing 14-month period! This achievement illustrates the collaboration between the Government, GJEPC, and SEEPZ for their collective efforts in completing this project in record time. I firmly believe this marks just the beginning, and we can anticipate more such transformative projects supported by the government to reshape the landscape of SEEPZ.”
Kirit Bhansali, Vice Chairman, GJEPC, stated, “We are honoured and thrilled to witness the momentous occasion of the Honourable Prime Minister laying the foundation stone for NEST 1 and Bharat Ratnam at SEEPZ SEZ. The gem & jewellery sector comprises a maximum of MSMEs (Jewellery manufacturers and retailers) who have affordability constraints for modern technology, research & development and skilled manpower. Mega CFC bridges this gap to maintain competitiveness through the latest in 3-Ts (Technology, Techniques and Training) from across the globe at a single facilitation centre.”
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PAKISTAN: UE ESTENDE IL REGIME COMMERCIALE PREFERENZIALE
(ICE) – ROMA, 15 GEN -L’Unione Europea ha esteso di quattro anni lo speciale regime preferenziale commerciale (GSP Plus) per il Pakistan. L’accordo GSP Plus sopprime i dazi all’importazione sui prodotti provenienti dai paesi in via di sviluppo vulnerabili per ridurre la povertà e creare posti di lavoro. Per poterne beneficiare, i paesi devono attuare 27 convenzioni internazionali relative ai diritti umani, ai diritti del lavoro, alla protezione dell’ambiente e al buon governo. L’Unione Europea è un importante socio politico e commerciale del Pakistan. L’UE rappresenta il principale sbocco per le merci pakistane ed il secondo fornitore del Paese. La recente decisione UE consente ai produttori del popoloso paese dell’Asia Meridionale di beneficiare del sistema di preferenze generalizzate Plus fino al 2027. Circa il 60 % dei prodotti importati nell’UE nell’ambito del regime doganale preferenziale SPG+ provengono dal Pakistan. il Ministero dell’Energia ha concesso temporaneamente i diritti di esplorazione di quattro nuovi blocchi in Balochistan e Sindh alle compagnie OGDCL, PPL (Pakistan Petroleum Limited), POL (Pakistan Oilfields Limited). le concessioni temporanee sono:
- Kotra East (2867-8) Balochistan – OGDCL (100%)
- Murradi (2767-7) Sindh – OGDCL (100%)
- Gambat-II (2668-25) Sindh – OGDCL (30%) PPL (70%)
- Saruna West (2666-1) Balochistan – OGDCL (30%) PPL (30%) POL (40%)
la concessione formale dei diritti di sfruttamento petrolifero dei quattro blocchi sarà approvata dopo la firma e l’esecuzione delle licenze di concessione. (ICE ISLAMABAD)