India’s exports of gems and jewellery provisionally increased 9.85 percent to $43.16 billion in fiscal 2017 (April 2016 to March 2017) over the $39.24 billion in fiscal 2016 (April 2015 to March 2016). Gross exports of cut and polished diamonds for the year increased to $22.8 billion, growing 10.24 percent over the $20.7 billion the previous year.

Exports of gold jewellery increased to $8.7 billion, up 1.92 percent over the $8.6 billion the previous year while exports of silver jewellery rose 35.83 percent to $4.02 billion.

Exports of coloured gemstones dropped 3.08 percent to $419.9 million, while exports of rough diamonds increased 28.24 percent to $1.5 billion.

Gem and jewellery exports accounted for 15.72 percent of the country’s cumulative exports of $274.65 billion, ranking the sector as one of the leading foreign exchange earners for the country.

Releasing the financial data, Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya noted that having crossed the $40 billion mark in its 50th year, the GJEPC was working on what he called “Vision 2022”, to “enable India attain global leadership position in gems & jewellery in the country’s 75th year of Independence.” Pandya added, “The strategic focus will be on exports, training & education, employment generation, value addition and sustained marketing.”

He went on to say, “The GJEPC has expanded horizontally to encompass various aspects such as trade financing, training and infrastructure creation. We are in the process of creating a jewellery park in Maharashtra and 10 common-facility centres across India. The gem and jewellery industry in India, which is the original example of ‘Make in India’, is now focussing on leveraging traditional Indian jewellery making and designs and promoting them across the globe to the western world. We shall leverage ‘Skill India’ to train existing resources as artisans and craftsmen need to upgrade to global standards of excellence and innovation. We want to make India a global leader in the gems and jewellery business.”

Major export destinations for Indian gems and jewellery were the UAE with 32 percent of exports, followed by Hong Kong at 30 percent and the US at 23 percent.

Imports of rough diamonds grew 21.59 percent $17.08 billion, while imports of cut and polished diamonds dropped 5.13 percent to $2.623 billion.

https://www.gemkonnect.com/news/43b-gems-jewellery-exports-make-16-indian-total