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
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.
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).
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).
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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.
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.
