Government renews focus on Gems and Jewellery sector growth
In order to promote investment in Gems and Jewellery sector the Government has announced various measures to promote investment like reduction in import duty of Gold, mandatory hallmarking, revamped Gold Monetisation Scheme, etc.
The government has announced the Gems & Jewellery sector as a key area for export promotion. In its efforts to make Gems and Jewellery sector a pioneer industry across the globe the Government of India has come out with four points agenda that include focusing on design to create patented designs and add value to their products to make their manufacturing more profitable, besides export products diversification with emphasis on non-gold jewellery, silver, pearl platinum, artificial diamonds among others.
To enhance production of fusion jewellery with cost-effective methods through collaboration with other nations and promoting Lab-Grown Diamond are the other two points. Notably India’s Gems and Jewellery exports shot up by a 71% during the last three quarters of the current year over the corresponding period of the previous financial year.
Before the pandemic hit the Gems and Jewellery sector registered 3% growth of over $28.0 Billion that was achieved during April to December 2019. Contributing about 7% of the country’s GDP, Gems and Jewellery industry employs the largest semi-skilled and skilled workforce of more than 50 lakh workers. Among these over 450 organised jewellery manufacturers, exporters and importers are Gujarat’s Surat-based which makes the city of Gujarat the world’s jewellery manufacturing hub.
