According to GJEPC, exports of gems and jewelery grew by about 55 per cent to $39.15 billion in 2021-22.
Gems and jewelery exports have picked up pace in 2021-22 and have grown by nearly 55 per cent to $39.15 billion as compared to the previous financial year. Industry body Gems and Jewelery Export Promotion Council (GJEPC) said in a statement on Thursday that the gross export of gems and jewelery stood at $ 25.40 billion in 2020-21.
In March, total gross exports of gems and jewelery grew by 4.33 per cent to $3.39329 billion, down 0.46 per cent from $3.40907 billion in the same period last fiscal.
GJEPC President Colin Shah said, “India’s exports to global markets grew by 54 per cent.” Fulfilled the promise of contribution of the share.
The demand increased in the US, UAE, Belgium and Israel,
he said, adding, “Chessed and polished diamonds account for 62 per cent of the total exports of gems and jewelery or $ 24.23657 billion. Demand has increased in the US, UAE, Belgium and Israel.
It is noteworthy that the import of gold in the country increased
by 33.34 percent to $ 46.14 billion in the last financial year 2021-22, due to which the country’s current account deficit (CAD) is expected to be affected. According to official data, India’s gold import in the financial year 2020-21 stood at $ 34.62 billion.
Gold is imported into India mainly to meet the demand of the jewelery industry. Gems and jewelery exports grew by nearly 50 per cent to $39 billion in the financial year 2021-22.
