India Aiming for Sharp Export Jump
Aug 9, 2021
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India’s gem and jewelry trade is planning to reach $44 billion in outbound shipments this fiscal year as part of the nation’s push to expand some of its most important export sectors.
The announcement by the Gem & Jewellery Export Promotion Council (GJEPC) followed a speech by Indian Prime Minister Narendra Modi in which he called for a jump in countrywide exports to $400 billion for the financial year, which runs until March 2022.
The jewelry industry’s “ambitious” goal would represent growth of around 18% versus two years ago, the GJEPC said Saturday. That financial year — which ended in March 2020 — saw total exports of $37.4 billion. Exports slumped last year because of the Covid-19 pandemic.
“The gem and jewelry sector is one of the four core sectors contributing…roughly 60% of merchandise exports,” Modi noted Friday in a virtual meeting with heads of India’s export promotion councils, according to the GJEPC. These trades should invest in technology and research to capitalize on growing international demand, he said, adding that the industry showed “strong signs of recovery in the first four months of the fiscal [year].”
Speaking at the meeting, Vikram Misri, India’s ambassador to Beijing, emphasized the potential for India to increase its diamond exports to China. Meanwhile, Pavan Kapoor, ambassador to the United Arab Emirates (UAE), said gem and jewelry orders from the important market were “healthy” and had the potential to improve further, the council added.
“There is an increasing recovery firming up at several export destinations, including the US and Europe,” commented GJEPC chairman Colin Shah. “We have a tremendous local network, and it is a great phase to extract potential for the benefit of our economy. With the encouragement of our honorable [prime minister] and support of the Indian government, we are confident that Indian exporters will be able to perform to achieve the target set for this financial year.”
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