Surat: There seems to be something to cheer for the gems and jewellery industry as the total exports in the first half of 2021-22 (April to September) has seen a jump of 11% compared to the same period in 2019-20, the pre-Covid period.
According to figures released by the Gems and Jewellery Export Promotion Council (GJEPC) on Saturday, the export of gems and jewellery grew to Rs 1.41 lakh crore in the first half of 2021-22 compared to Rs 1.27 lakh crore for the first half of 2019-20. Studded gold jewellery exports shot up by 60% to Rs 17,761 crore during the same period.
“With US$ 18,984.49 million exports during April-September, the sector has already achieved nearly half (46%) of the US$ 41.66 billion gems and jewellery exports target set by the government. The sentiment in the industry is incredibly positive with markets opening up and demand gradually returning to normal,” said GJEPC chairman, Colin Shah.
He added that GJEPC successfully concluded the International Gem & Jewellery Show (IGJS) in Dubai recently where they received good feedback from the exhibitors and buyers. “Moreover, with the festive season coming up, we are optimistic to achieve the export target by the end of the financial year,” said Shah.
GJEPC claimed that the gems and jewellery sector was getting support from the union government and how commerce minister Piyush Goyal was closely working for the industry’s growth.
On September 17, Goyal visited the Surat Diamond Bourse and later attended the 37th edition of India International Jewellery Show held in Bengaluru. Less than a week later, on September 23 Goyal visited SEEPZ in Mumbai, where he met with officials from GJEPC and SEEPZ along with jewellery exporters.
Goyal had also announced a Rs 200 crore grant for upgrading the SEEPZ infrastructure and an additional Rs 70 crore for developing an on-site Common Facility Centre (CFC).
The space transfer policy announced earlier this month by the ministry of commerce and industry is expected to facilitate SEZs that account for 30% share in the country’s total gem and jewellery exports, according to GJEPC.