indianarrative

India’s gems and jewellery exports jump 71% with USA as biggest market

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India’s gems and jewellery exports jump 71% with USA as biggest market. (Representational Image)

India’s exports of gems and jewellery shot up by a whopping 71% during the first three quarters (April-December 2021) of the current financial year, over the same period of the previous year.

The sector clocked USD 28.9 billion exports as compared to USD 16.9 billion during same period in the year 2020.

The top 5 export destinations are: U S A (38.7%), Hong Kong (24.6%), UAE (11.9%), Belgium (6.6%)  and Israel (3.9%).

Compared to the same period before the Covid pandemic struck, the Gems and Jewellery sector registered a growth of 3% over USD 28.0 billion achieved in April-December 2019.

In the month of December, 2021 alone, India exported gems and jewellery worth $2.99 billion, registering a growth of 16.38% over $2.57 Bn in December, 2020.

The Gems and Jewellery sector makes up 9.6% share of India’s entire exports basket during the period (Apr-Dec, 2021), accounting for the third largest commodity share (Engineering first and Petroleum Products second).

Gems and Jewellery industry contributes about 7% 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 city of Gujarat, making it the jewellery manufacturing hub of the world.