“Our gold and diamond trade contributes about 7% to our GDP [gross domestic product] and employs over 50 lakh (5 million) people. The exports already stand at $32 billion this year until January,” an official statement said.
India’s gems and jewellery (G&J) exports will achieve the $40 billion target this year, commerce minister Piyush Goyal said on Friday, while adding that the sector is expected to register a 6.5% growth over the pre-Covid levels.
“Our gold and diamond trade contributes about 7% to our GDP [gross domestic product] and employs over 50 lakh (5 million) people. The exports already stand at $32 billion this year until January,” an official statement quoting him said.
Under the leadership of Prime Minister Narendra Modi, India wants to make its gems and jewellery (G&J) sector ‘Aatma Nirbhar’ (self-reliant) and the government has declared it as a focus area for export promotion, he said while addressing the inaugural ceremony of India International Jewellery Show, Signature 2022, which is organised by the Gem and Jewellery Export Promotion Council.
Goyal said the Budget 2022 has paved the road for the sector to grow and expand India’s footprint in global G&J trade by reducing import duty on cut and polished diamonds from 7% to 5%, and extending of Emergency Credit Line Guarantee Scheme (ECLGS) for micro, small and medium enterprises (MSMEs) up to March 2023 as over 90% of units in G&J sector are MSMEs.
He said the simplified regulatory framework for e-commerce in the next few months will facilitate G&J exports through e-commerce, which will ensure that small retailers are able to ship their products overseas.
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