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India’s exports of gems, jewellery double in this financial year: minister

FBR

Photo: File

NEW DELHI — India’s exports of gems and jewellery during the first seven months of this financial year (up to October) has been 23.62 billion U.S. dollars, as compared to 11.69 billion U.S. dollars in last financial year, said the country’s Commerce and Industry Minister Piyush Goyal on Saturday.

He said that India can emerge as the largest diamond trading hub in the world.

In a video message during the inauguration ceremony of “Gems & Jewellery Manufacturing Show –2021,” Goyal said that the federal government has declared the gems and jewellery sector as a focus area for export promotion.

According to him, the federal government has taken various measures to promote investment for growth of the sector, such as the Revamped Gold Monetisation Scheme and reduction in import duty of gold.

“We should make our products a benchmark of quality, to further expand in new markets & deepen presence in existing ones.”

He laid out four points to make the country’s Gems and Jewellery a pioneer industry in the world: focus on design, diversification of export products, collaboration with other nations for cost-effective methods to enhance production of fusion jewellery, and promote lab-grown diamond.

Goyal said this sector embodies the spirit of New India, contributing about 7 percent of India’s total gross domestic product (GDP) and employing more than 5 million workers.


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