Exports of gems and jewellery likely to touch $60 bn by 2022, GJEPC
The Dollar Business Bureau
According to the recent data given by the Gems and Jewellery Export Promotion Council (GJEPC), the gems and jewellery exports is likely to touch the $60 billion mark in the next five years from the present $43 billion.
Exports increased by about 4% to $9.17 billion in the first quarter of the FY2017, driven mostly due to the demand from major markets like US. In the last financial year, gems and jewellery exports aggregated to $8.84 billion.
The Export Promotion Council in its bid to increase its exports by 40% in the next 5 years has prepared a plan, which it presented to the Prime Minister. The plan titled, ‘Vision 2022’ has provisions for setting up jewellery parks all over the country, modernizing the equipment used by small jeweller manufacturers, enhancing the designing capabilities by collaborating with international designers.
GJEPC Chairman Praveen Shanker Pandya speaking to the media said, "The Vision Document 2022 has predicted the growth of the gems and jewellery exports by over 40%. However, there are concerns that the country's new goods and services tax (GST) would limit exports."
According to a recent release by the GJEPC, the rise in shipments of gems and jewellery is mainly due to an increase in the exports of silver jewellery, coins and gold medallions.
Silver jewellery exports in the April-June quarter increased to $1.71 billion from $958.65 million in the previous year.
The shipment of coins and gold medallions registered a growth of 42% to $1.51 billion during the April-June quarter.
But shipments of gold jewellery showed a meagre growth of 1.78% in the first three months of the financial year, while exports of cut and polished diamonds, rough diamonds and gemstones showed positive growth. India’s export destinations for gems and jewellery are China, Japan, US and Europe.