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71% jump in gems and jewellery exports
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SME Times News Bureau | 25 Jan, 2022
India's exports of gems and jewellery shot up by a whopping 71 per cent
during the first three quarters (April-December) of the current
financial year, over the same period of the previous year.
The
sector clocked $28.9 billion exports as compared to $16.9 billion
during the same period in 2020. Compared to the same period before the
Covid pandemic struck, the gems and jewellery sector registered a growth
of 3 per cent over $28 billion achieved in April-December 2019.
In
December 2021 alone, India exported gems and jewellery worth $2.99
billion, registering a growth of 16.38 per cent over $2.57 bn in
December 2020.
With record exports already achieved during the
first three quarters of the current financial year, the sector has
already surpassed $26.02 bn exports registered during the last FY
(2020-21) and is likely to better the previous high of $35.89 bn scaled
during the FY (2019-20).
The gems and jewellery sector made up
9.6 per cent share of India's entire exports basket during the period
(April-December 2021), accounting for the third largest commodity share,
after engineering goods and petroleum products.
The top 5
export destinations in April-November 2021 were the US (38.7 per cent),
Hong Kong (24.6 per cent), the UAE (11.9 per cent), Belgium (6.6 per
cent), and Israel (3.9 per cent).
Gems and jewellery industry
contributes about 7 per cent of India's total GDP and employs the
largest skilled and semi-skilled workforce of more than 50 lakh workers.
More than 450 organised jewellery manufacturers, importers, and
exporters are based in Surat, making the Gujarat city the jewellery
manufacturing hub of the world.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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