Union Minister of Commerce and Industry, Piyush Goyal, met with the Antwerp World Diamond Centre (AWDC) delegation during his visit to Brussels, where he highlighted India’s commitment to protecting the interests of its small and medium enterprises and individuals in the diamond industry.
Commerce and Industry Minister Piyush Goyal reaffirmed India’s commitment to protecting small and medium enterprises in the diamond industry on Monday. He urged the European Union to extend the deadline for adopting technology-based certification in the sector. During his visit to Brussels, Goyal met with representatives of the Antwerp World Diamond Centre (AWDC) to convey India’s stance.
In a post on X, the Minister said, “Met with the delegation of Antwerp World Diamond Centre (AWDC) led by their President and other stakeholders from the diamond industry. Conveyed India’s stand on safeguarding the interests of our Small & Medium Enterprises and individuals in the diamond industry.”
Mr. Goyal encouraged industry leaders to harness India’s potential, during discussions with senior executives from European companies and business association heads.
He said on X, “Conveyed to them India’s commitment to a fair, equitable, and commercially meaningful Free Trade Agreement. Underlined that India offers a great investment opportunity and called upon captains of industry to explore its fullest potential.”
During his visit to Brussels from January 18 to 19, Mr Goyal met with Maros Sefcovic, the European Commissioner for Trade and Economic Security, for high-level talks. In their discussions, the two leaders outlined plans to strengthen trade and investment ties and work on a roadmap for a Free Trade Agreement. They also reviewed the progress of the India-EU Trade and Technology Council (TTC) and agreed to resolve any pending legacy issues, as stated in the press release.
The diamond sector in India has faced significant challenges over the past three years, largely due to reduced demand in major export markets and supply-side issues, including the impact of G7 sanctions on Russia.
In 2023-24, diamond exports declined to US$ 18.37 billion, compared to US$ 25.48 billion in 2021-22. Imports also fell to US$ 23 billion in the last fiscal year, down from US$ 28.86 billion in 2021-22. The export of cut and polished diamonds has slowed due to lower demand.
The Indian diamond industry is home to over 7,000 companies involved in activities such as cutting, polishing, and exporting diamonds. These businesses are primarily concentrated in Surat (Gujarat), and Mumbai (Maharashtra). The sector is dominated by small and medium-sized enterprises (SMEs), with many family-owned businesses playing a key role. According to estimates, the diamond industry in India provides direct employment to around 1.3 million workers.
You must be logged in to post a comment.
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.