India’s exports of gems and jewellery surged by 71 per cent to $ 28.9 billion in the first nine months of the current financial year as compared with $ 16.9 billion recorded in the corresponding period of last fiscal, the government data showed.
According to data released by the Ministry of Commerce and Industry, gems and jewellery exports rose to $ 2.99 billion in December 2021 as against $ 2.57 billion in December 2020, registering a year-on-year growth of 16.38 per cent.
The exports during the first nine months of the current financial year is higher when compared with the pre-Covid period.
Gems and jewellery exports during April-December 2019 period stood at $ 28.0 billion. During the first three quarters of the current financial year it is 3 per cent higher at $ 28.9 billion.
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 billion exports registered during complete year of 2020-21.
The gems and jewellery sector accounted for a 9.6 per cent share of India’s entire exports basket during the period, garnering the second largest commodity share.
The top five export destinations during April-November 2021 (latest available, share per cent in bracket) are: USA (38.7 per cent), Hong Kong (24.6 per cent), UAE (11.9 per cent), Belgium (6.6 per cent) and Israel (3.9 per cent).
The gems and jewellery industry contributes about 7 per cent to India’s GDP and employs a skilled and semi-skilled workforce of more than 50 lakh people. More than 450 organised jewellery manufacturers, importers and exporters are based in Surat city of Gujarat, making it the jewellery manufacturing hub of the world.
The ministry added that the Centre has laid out four points to make India’s gems and jewellery a pioneer industry in the world. The steps include focus on design; diversification of export products; collaboration with other nations for cost-effective methods to enhance production of fusion jewellery, and promote lab-grown diamond.