Exports of gems and jewellery from India surged by a whopping 71 per cent during the first three quarters of the current financial year (April-December 2021-22) compared to the same period of the previous financial year, provisional figures released by the commerce ministry showed.
With $28.9 billion worth of gems and jewellery already exported during the first three quarters of the current FY, it has already surpassed $26.02 billion exports recorded during the previous fiscal (April-March 2020-21) and looks set to better the previous high of $35.89 billion scaled during April-March 2019-20.
The gems and jewellery sector accounted for 9.6 per cent of India’s export basket during April-December 2021, garnering the second largest commodity share
Gems and jewellery industry also contributes about 7 per cent of India’s total GDP and employs the largest skilled and semi-skilled workforce of more than 5 million.
India has the potential to emerge as the largest diamond trading hub in the world, with gems and jewellery sector as a focus area for export promotion, according to the release
Government has taken various measures to promote investment in the sector, which include a revamped Gold Monetisation Scheme, reduction in import duty on gold and mandatory hallmarking. Besides, Common Production/Processing Centre, Design Centers, Testing Facilities (including Plug & Play Facilities, where assistance of 90 per cent is being given by the government work as a catalyst for the sector. Marketing hubs / exhibition centres by associations are receiving government assistance of up to 80 per cen of project cost.
The centre has laid out four steps to make India’s gems and jewellery sector a global pioneer:
1. Focus on design (creation of patented designs) in order to increase value add of our products and make our manufacturing more profitable.
2. Diversification of export products: Emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc.
3. Collaboration with other nations for cost-effective methods to enhance production of fusion jewellery, and
4. Promote Lab-Grown Diamond: They are environment friendly & affordable and will contribute to India’s export as well as generate employment.