India’s gems and jewellery exports likely to reach USD 40 billion in 2021-22: Piyush Goyal

New Delhi: India’s gems and jewellery exports are expected to reach USD 40 billion in the current financial year, Union Minister for Commerce and Industry Piyush Goyal said on Friday.

Addressing the inaugural ceremony of India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC), Goyal said gems and jewellery export is likely to register a growth of 6.5 per cent in 2021-22 over the pre-COVID levels.

“Our gold and diamond trade contributes about 7 per cent to our GDP and employs over 50 lakh persons. The exports already stand at USD 32 billion this year until January,” Goyal said in his address through video conferencing.

The minister said the government wants to make the gems and jewellery sector self-reliant and has listed it as a focus area for export promotion.

He said the Budget 2022 has paved the road for the sector to grow and expand India’s footprint in the global gems and jewellery trade.

The measures taken by the government to support the gems and jewellery sector include a reduction in import duty on cut and polished diamonds from 7 per cent to 5 per cent and an extension of Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs up to March 2023. Over 90 per cent of units in the gems and jewellery (G&J) sector are MSMEs.

Acceptance of personal surety bonds in place of bank guarantee for import of gold, replacement of SEZ Act with a new SEZ regime, and simplified regulatory framework for e-commerce in the next few months will facilitate G&J exports through e-commerce, ensuring that small retailers are able to ship their products overseas are other important measures taken to support gems and jewellery sector.

Goyal said the G&J sector is a prime example of the potential of Make in India and Brand India.

“I am happy to note that GJEPC, with the support of the Ministry of Commerce and Industry, has been setting up Common Facility Centres to improve Productivity and Quality of G&J products. CFCs are operational at Amreli, Palanpur, Junagadh, Visnagar, Coimbatore, Kolkata, Hyderabad and Rajkot. This will go a long way to help realize the goal of Make in India for the world,” he said.

The minister encouraged the G&J Industry to aim to be a Global Champion by taking up bigger and bolder targets, – in domestic production as well as overseas sales.

Courtesy: Economic Times