January 28, 2022
The export valuation achieved during the first three-quarters of the current fiscal - US$ 28.9 billion - has already surpassed the value of exports during April 2020 to March 2021
The gems and jewellery industry contributes about 7% to the country’s total GDP and employs more than 50 lakh workers
The top five export destinations for the sector included the US, Hong Kong, the UAE, Belgium, and Israel
A greater focus on design, diversification of exports, collaboration with other countries, and promoting the lab-grown diamond is expected to make India a global leader in gems and jewellery production
Exports of gems and jewellery rose by 71% during April-December 2021 to reach US$ 28.9 billion compared to US$ 16.9 billion in the same period of 2020. In December 2021 alone, gems and jewellery worth US$ 2.99 billion were exported, accounting for a growth of 16.38% over US$ 2.57 billion in December 2020. The sector accounted for a share of 9.6% of India’s entire exports in the first three quarters, gaining the third-largest commodity share.
With exports worth US$ 28.9 billion already achieved during the first three-quarters of the current fiscal, it has already surpassed exports registered during April 2020 – March 2021 (US$ 26.02 billion) and is likely to improve on the previous high of US$ 35.89 billion achieved during the April 2019 – March 2020 period. The gems and jewellery industry contributes about 7% to the country’s total GDP and employs more than 50 lakh workers. The top five export destinations for the sector included the US, Hong Kong, the UAE, Belgium, and Israel.
As per the Commerce Ministry, the Centre has proposed four ideas to make India’s gems and jewellery a leader in the world, and those steps include a greater focus on design; diversification of exports; collaboration with other countries for cost-effective methods that increase production of fusion jewellery; and promoting the lab-grown diamond.