NEW DELHI: India's exports of gems and jewellery surged by 71 per cent to USD 28.9 billion in the first nine months of the current financial year as compared with USD 16.9 billion recorded in the corresponding period of last fiscal, the government data showed on Tuesday.
According to data released by the Ministry of Commerce and Industry, gems and jewellery exports rose to USD 2.99 billion in December 2021 as against USD 2.57 billion in December 2020, registering a year-on-year growth of 16.38 per cent.
The exports during the first nine months of the current financial year is higher when compared with the pre-Covid period.
Gems and jewellery exports during April-December 2019 period stood at USD 28.0 billion. During the first three quarters of the current financial year it is 3 per cent higher at USD 28.9 billion.
With USD 28.9 billion worth of gems and jewellery exports already achieved during the first three quarters of the current financial year, it has already surpassed USD 26.02 billion exports registered during complete year of 2020-21.
The gems and jewellery sector accounted for a 9.6 per cent share of India's entire exports basket during the period, garnering the second largest commodity share. Top 5 export destinations in April-November 2021 (latest available, share per cent in bracket) are: USA (38.7 per cent), Hong Kong (24.6 per cent), UAE (11.9 per cent), Belgium (6.6 per cent) and Israel (3.9 per cent).
The gems and jewellery industry contributes about 7 per cent to India's GDP and employs a skilled and semi-skilled workforce of more than 50 lakh. 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.