India’s Gems & Jewellery sector

  • IASbaba
  • September 16, 2021
  • 0
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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

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