SEATTLE (Scrap Monster): The Indian Minister of State for Commerce and Industry, Anupriya Patel said that the gems and jewellery industry in the country has bounced back well following easing of Covid-19-related restrictions across the country. The country has continued to be a major exporter of gold, silver and diamond jewellery, in addition to other items such as coloured gemstones and synthetic stones.
The sector was badly impacted by the pandemic. The exports from the sector witnessed significant decline by 98% during the previous year.
The Minister noted that the revamped gold monetisation scheme and the recently announced cut in import duty on gold will help the industry make significant progress in its transition to the next phase of growth. This would also boost exports, helping it to achieve the export goal of $43.75 billion for the current year. Incidentally, the Gem and Jewellery Export Promotion Council (GJEPC) aims to raise the exports to $75 billion in the forthcoming years.
She wished the 37th edition of the IIJS Premiere great success. The country’s largest B2B show in the gems and jewellery sector is likely to provide an apt platform to Indian jewellery manufacturers to showcase their unique craftworks and designs. It is likely to attract both domestic and international buyers, she added.