Contribution of Gems and Jewellery Industry
Gems and Jewellery export sector has been contributing about 13%-15% to India’s total merchandise exports during the last five years. As per industry estimates, this sector employs more than 4.64 million employees.
The Gem and Jewellery exports was showing down turn since the year 2012-13 due to global economic slowdown. However, during the year 2016-17 (Upto February, 2017), the Gem and Jewellery exports has shown a growth of 10.3% over the corresponding period in previous year. With a view to strengthen the Gems & Jewellery industry in the country, the Government has taken a number of steps such as establishment of Special Notified Zone (SNZ); announcement of separate ITC HS Code for lab-grown diamonds; introduction of Gold Monetisation Scheme; amendment of wastage and value addition norms for gems and jewellery items; approved scheme for setting up of Common Facility Centres for gem and jewellery sector; and providing financial assistance for participation in international fairs, organizing buyer-seller meets etc. under Market Development Assistance (MDA) and Market Access Initiative (MAI) Schemes of the Department of Commerce to boost the industry.
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This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.
Disclaimer: No Business Standard Journalist was involved in creation of this content
