India’s Gems & Jewellery sector

India’s Gems & Jewellery sector

Part of: GS-Prelims 

• Contribution of around 7% to GDP
• 10-12% share in country’s total merchandise export
• One of the leading sectors in terms of employment generation providing employment to approx. 5 million skilled and semi-skilled workforce.
• One of largest exporter of other segments of industry such as gold jewellery, silver jewellery, coloured gemstones and synthetic stones

Has been one of the worst-hit sectors in India during the Covid-19 pandemic and its exports saw a record decline of (-) 98% in April 2020 due to the complete lockdown situation in the country.

Policy that helped the industry bounce back

• Revamped Gold Monetisation Scheme
• Reduction in import duty of gold, hallmarking, etc. 
• Various virtual trade events like virtual Buyer Seller Meets, virtual IIJS, virtual International Gems & Jewellery Show (e-IGJS), India Global Connect, Webinars etc. 

News Source: PIB