The gems and jewellery sector is expected to achieve the export target of $40 billion (Rs 2.98 lakh crore) this year and register growth of 6.5% over the pre-Covid levels, Commerce Minister Piyush Goyal said Friday
India's gold and diamond trade contributes about 7% to the country's economy and employs over 50 lakh people. The gems and jewellery exports already stand at $32 billion (2.86 lakh crore) until January, Goyal said.
He said the Union Budget has paved the way for the sector to grow and expand India’s footprint in the global gems and jewellery trade:
The reduction in import duty on cut and polished diamonds from 7% to 5%, an extension of the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs up to March 2023 will facilitate exports.
Over 90% of units in the gems and jewellery sector are MSMEs.
"India wants to make the gem and jewellery sector self-reliant. Therefore, this will be a focus area both for domestic growth and for export promotion. The Budget 2022 has paved the road for the sector to grow and expand India's footprint in the global gem and jewellery trade," the minister said virtually at the inaugural function of the jewellery show IIJS Signature.
He said the India-UAE Comprehensive partnership will further expedite the growth of this sector.
About 850 exhibitors have displayed products in over 1,450 booths during the IIJS Signature 2022 exhibition. The show has drawn over 14,000 pre-registered visitors including more than 400 international visitors, buyers and delegations from the US, UAE, Egypt, Nepal and Uzbekistan.
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(Published 18 February 2022, 15:54 IST)
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