India’s exports of gems and jewellery beat expectations by rising 9.85% to $43.1 billion in the financial year 2016-2017 mainly due to a resurgence of demand in key markets like the US, Hong Kong and UAE.
Announcing the results at a press conference in Mumbai on April 27th, Gem & Jewellery Export Promotion Council (GJEPC) executive director Sabyasachi Ray said the Indian industry had maintained its leadership position in a year of great disruption, which included developments such as demonetisation, Brexit and Trump’s victory among others.
Outlining the apex body’s goals for the next five years, GJEPC chairman Praveenshankar Pandya noted that it was essential for India to become a leading supplier of gold jewellery as well as the preferred destination for cutting and polishing higher value diamonds.
Pandya stated, “Prime Minister Narendra Modi, in his special live video message, congratulated GJEPC on our 50th Anniversary, and expressed his desire to make India the world’s largest diamond trading hub and a global jewellery hub. Having crossed the $40 billion mark in exports in fiscal year 2017, we are now devising a strategy for Vision 2022, to enable India attain a global leadership position in gems and jewellery in its 75th year of independence.
“The strategic focus will be on exports, training and education, employment generation, value addition, and sustained marketing. GJEPC has expanded horizontally to encompass various aspects such as trade financing, training and infrastructure creation. We are in the process of creating a Jewellery Park in Maharashtra and 10 Common Facility Centres across India.
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