February 17, 2022
The export value reached US$ 32.37 billion during April-January this fiscal
UAE accounted for 80% of India’s plain gold jewellery exports and 20% of studded jewellery exports
The implementation of the FTA expand this here with the UAE would further the exports of plain gold and gold studded jewellery
The top export destinations for gems and jewellery include the UAE, Belgium, Japan, and Hong Kong
The exports of gems and jewellery increased by 6.5% and reached US$ 32.37 billion during April-January this fiscal, as per industry body Gem and Jewellery Export Promotion Council (GJEPC). In the same period, last year, the export valuation amounted to US$ 30.40 billion.
As the UAE accounted for 80% of India’s plain gold jewellery exports and 20% of studded jewellery exports, the implementation of the FTA with the country would further the exports of plain gold and gold studded jewellery. GJEPC has also recommended that the duty of 5% in the UAE on the exports of gold, silver, and platinum jewellery from India be ended. With the proposed nil duty, exports of plain gold jewellery and gold studded jewellery from India to the UAE would reach US$ 10 billion by 2023.
The top export destinations for gems and jewellery include the UAE (41.50%), Belgium (15.81%), Japan (12.20%), and Hong Kong (3.06%) during the April-January period of this fiscal.