Letter: There seems to be something entertaining gems and the jewelry industry as the total exports in the first half of 2021-22 (April to September) have seen a leap of 11% compared to the same period in 2019-20, the pre-covid period.
According to numbers released by Jewel and Jewelry Export Promotion Board (GJEPC) on Saturday, the export of gems and jewelry grew to Rs 1.41 lakh crore in the first half of 2021-22 compared to RS 1.27 lakh crore for the first half of 2019 -20 .
Exports of gold-studded gold jewelry jumped 60% to Rs 17,761 Crore during the same period.
“With US $ 18.984.49 million exports during April-September, this sector has reached almost half (46%) of US $ 41.66 billion gems and the target of the jewelry export set by the government.
The sentiment in this industry is very positive with the market Open and demand gradually return to normal, “said Chairman of Gjepc, Colin Shah.
He added that Gjepc managed to conclude the International Gem & Jewelery Show (IGJS) in Dubai recently where they received good feedback from exhibitors and buyers.
“Moreover, with the celebration season comes, we are optimistic to achieve the export target at the end of the financial year,” Shah said.
GJEC claims that the gem and jewelry sector received support from the United Government and how Minister of Trade Piyush Goyal worked closely for industrial growth.
On September 17, Goyal visited Diamond Bourse and then attended the 37th edition at the India International Weelry Show held in Bengaluru.
Less than a week later, on September 23, Goyal visited Seepz in Mumbai, where he met the official from GJEPC and Seepz along with a jewelry exporter.
Goyal also announced Hospital 200 Crore grants to improve Seepz infrastructure and additional Rs 70 Crore to develop the Public Facilities Center in place (CFC).
Space transfer policy was announced earlier this month by the Ministry of Commerce and Industry is expected to facilitate SEZ which accounts for 30% share in total export gems and jewelry, according to GJEPC.