$418 million FDI in April 2014-September 2016 in diamond, gold, ornaments

NEW DELHI: India has attracted USD 418 million foreign direct investment ( FDI) during April 2014 - September 2016 in diamond, gold and ornaments, the Commerce and Industry Ministry today said.

Listing details of major FDI equity inflow during the period, it said Mauritius-based Highdell Investments has invested USD 193.18 million in Kalyan Jewellers.

"During the last two years (April 2014 - September 2016), a total of USD 418 million has been received as FDI equity inflow in diamond, gold and ornaments," the Ministry said in its achievement report on gems and jewellery sector.

It is one of the focus sectors in the ' Make in India' initiative of the government.

The gems and jewellery sector in India is one of the largest in the world and contributes to about 29 per cent of the global consumption.

In 2014-15, the sector constituted 13.3 per cent of the country's total merchandise exports.

The industry currently employs around 4.5 million skilled and semi-skilled workers across India and is expected to provide employment opportunities to more than 8.23 million persons by 2022.

It also said that a 'jewellery park' is being developed at Mumbai to encourage the local handmade workers and factories in Zaveri Bazar, Dahisar areas of the city to relocate them in the park and develop their trade.

"This will help in improving living standard of the workers and small scale manufacturers and improve the work environment in which the workers currently operate," it added.

On railways, it said the segment has witnessed USD 216.77 million FDI equity inflow during April 2014 to September 2016 period.

"The major investments in the sector have been in the manufacturing of railway wagons, coaches, mechanical and electro-mechanical signaling system, safety and traffic control systems," it said.