Demand for jewellery won't be affected by economic downturn: Kapil Sibal

Written by PTI | Mumbai | Updated: Oct 6 2013, 03:13am hrs
The demand for jewellery will continue to rise even if there is a downturn in the economy, Union Minister Kapil Sibal said today.

"This is one industry which is world class in every sense of the word. We have competed with the best in the world. And even though India doesn't account for diamond and yet we have been ahead of all others in the field in terms of excellence," the Telecom Minister said here at an awards function organised by The Gem & Jewellery Export Promotion Council (GJEPC).

"14 per cent of our export is contributed by your (jewellery) sector. It is therefore a very important part of not just the economy but globally....demand for jewellery will continue to rise even though there is a downturn in the economy," he added.

He also called upon the industry to take care of the unskilled workers in this trade.

"The unskilled workers in this trade do not get the benefit they are entitled to and which other workers in other industries get. And though the margins in profit are small, unless you take the family along with you, you will not be able to be ahead of the world," he said.