Gem and jewellery integral to India meeting export target: GJEPC
India’s gem and jewellery industry contributed close to 10% to the country’s total export target of $400 billion as jewellery exports increased by 63% in the 2022 financial year, according to the Gem and Jewellery Export Promotion Council.
From April 2021 to February 2022, almost the duration of the 2022 financial year, India’s gem and jewellery exports totalled $35.48 billion, the GJEPC announced on its website. Exports were also up by 6.46% compared to the April 2019 to February 2020 period.
“India has achieved a historic milestone under the visionary leadership of honourable Prime Minister,” said GJEPC chairman Colin Shah. “The significance of this achievement is the accomplishment of the target immediately post pandemic. The gem and jewellery industry is proud to contribute nearly 10% of the $400 billion exports target. The country's gem and jewellery exports in April 2021 – February 2022, grew 63% to $35.48 billion on a year-on-year basis.”
In February 2022, India’s gross gem and jewellery exports totalled $3.1 billion which is 6.07% higher than in pre-pandemic February 2020. Exports of cut and polished diamonds were up by 43.03% in February 2022, compared to February 2020 but gold jewellery exports were down by 49.02% in the same time period.
“The government has set a target of $50 billion for FY 2022-23, and has also opened up new channels for growth by executing the Comprehensive Economic Partnership Agreement (CEPA) with UAE that will have immense benefit for the Indian gem and jewellery industry,” said Shah.
“The CEPA with UAE is likely to boost our exports to the tune of $10 billion to the Middle East. We are also happy that the government would be signing similar agreements with Canada, the UK and Australia soon.”
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