What’s in the news?

• India’s exports of Gems and Jewellery shot up by a whopping 71% during the first three quarters of the current Financial Year, April-December 2021(Provisional) over the same period previous year. 
• The sector clocked USD 28.9 Billion exports as compared to USD 16.9 Billion during same period in the year 2020. 
• The Gems and Jewellery sector makes up 9.6% share of India’s entire exports basket during the period (Apr-Dec, 2021), accounting for the third largest commodity share (Engineering first and Petroleum Products second). 
• Top 5 export destinations in April-November 2021 are: USA, Hong Kong, UAE, Belgium & Israel.
• Gems and Jewellery industry contributes about 7% of India’s total GDP & employs the largest skilled and semi-skilled workforce of more than 50 lakh workers. 
• More than 450 organised jewellery manufacturers, importers & exporters are based in Surat city of Gujarat, making it the jewellery manufacturing hub of the world. 
• It may be noted that the Government has declared the Gems & Jewellery sector as a focus area for export promotion.
• Government has taken various measures to promote investment for growth of the sector, – Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking. 
• Various schemes that are working as a catalyst for the sector are Common Production/Processing Centre, Design Centers, Testing Facilities including Plug & Play Facilities, where assistance of 90% is being given by the Government of India. 
• Marketing Hubs / Exhibition Centres by Associations are receiving GoI Assistance of upto 80% of project cost. 

Reference:

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1792552