She said institutes like Indian Institute of Gems & Jewellery (IIGJ) and other facility centres will make the sector globally competitive. Sitharaman laid the foundation stone for a IIGJ at Udupi in Karnataka.

It is being set up in association with National Institute of Design (NID), Ahmedabad. "IIGJ will aid in providing exciting career opportunities to youth of surrounding regions in this sector," an official statement quoting the minister said.

The institute will provide training to youth in this region in various aspects of hand-crafted jewellery making. It also aims at enhancing the skills of the existing work force already engaged with the industry.

"The institute will focus on three levels of skills - new skilling, up-skilling and give a design and technological orientation to the local industry to be competitive in the Indian and world market," it added.

Global retail giants like Cartier, Boucheron or Van Cliff command premium prices for their hand made jewellery. With over 100 retail stores and engaging workforce of over 5,000 people, Udupi boasts of a rich jewellery lineage.

Praveenshankar Pandya, Chairman, Gems & Jewellery Export Promotion Council said IIGJ in Udupi is one of the ambitious projects taken up by the council to tap the unutilised potential of youth in this region.