India's gems and jewellery export jumped by over 70% last year

Published on : 07:18 PM Jan 25, 2022

The Gems and Jewellery sector makes up 9.6% share of India’s entire exports basket during the period (April-December, 2021), accounting for the third-largest commodity share. As per the latest official data, top five export destinations in April-November 2021 are USA, Hong Kong, UAE, Belgium and Israel.

New Delhi: In a major success for India's gems and jewellery export, the sector recorded a sharp jump of 71% in the first three quarters (April-December period) last year. The country exported gems and jewellery worth $28.9 billion during the first three quarters of the current financial year

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It has already surpassed $26.02 billion exports registered during the last FY (April, 2020-March, 2021). Officials said gems and jewellery export is likely to better the previous record of $35.89 billion scaled during the FY 2019-20.

The gems and jewellery sector accounted for 9.6% share of India’s entire exports basket during April-December 2021, garnering the second largest commodity share. As per some estimate, gems and jewellery industry contributes about 7% of India’s total GDP and employs the largest skilled and semi-skilled workforce of more than 50 lakh workers. Advertisement

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Compared to the same period before the Covid pandemic struck, the Gems and Jewellery sector registered a growth of 3% over $28.0 Billion achieved in April-December 2019. In the month of December, 2021 alone, India exported Gems and Jewellery worth $2.99 Billion, registering a growth of 16.38% over $2.57 billion in December, 2020.

With $28.9 Billion worth of Gems and Jewellery exports already achieved during the first three quarters of the current Financial Year, it has already surpassed $26.02 Bn exports registered during the last FY (April, 2020-March, 2021) and is likely to better the previous high of $35.89 Bn scaled during the FY (April, 2019-March, 2020).

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The Gems and Jewellery sector makes up 9.6% share of India’s entire exports basket during the period (April-December, 2021), accounting for the third-largest commodity share (Engineering first and Petroleum Products second).

Also Read: Union Budget Explained: What is Expenditure Profile in Union Budget?

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As per latest official data, top 5 export destinations in April-November 2021 (latest available, share% in bracket) are: USA (38.7%), Hong Kong (24.6%), UAE (11.9%), Belgium (6.6%) and Israel (3.9%). Officials said more than 450 organised jewellery manufacturers, importers & exporters are based in Surat city of Gujarat, making it the jewellery manufacturing hub of the world.

The Government has declared the Gems & Jewellery sector as a focus area for export promotion. The government is following four pronged strategy to make India’s Gems & Jewellery a pioneer industry in the world. It includes focus on design (creation of patented designs) in order to increase value add of Indian products and make manufacturing more profitable.

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Second, diversification of export products. It includes emphasis on products like pearls, silver, platinum, synthetic stones, artificial diamonds, fashion jewellery, non-gold jeweller, etc. Third leg of the strategy includes, collaboration with other nations for cost-effective methods to enhance production of fusion jewellery. Finally, promotion of Lab-Grown Diamond is a focus area for the government.

Officials said artificial diamonds are not only environment friendly and affordable but they will also contribute to India’s export as well as generate employment.

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