Home Retail Gems, jewellery export to grow about US $42 billion this fiscal: GJEPC

Gems, jewellery export to grow about US $42 billion this fiscal: GJEPC

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Higher demand in the Middle-East and South-East Asia could help India’s gems and jewellery export grow this fiscal to about US $42 billion, an export promotion body said today.

Gems, jewellery export to grow about US  billion this fiscal: GJEPC
Higher demand in the Middle-East and South-East Asia could help India's gems and jewellery export grow this fiscal to about USD 42 billion

In 2016-17, the export totalled at around US $36 billion.

According to Gems and Jewellery Export Promotion Council () northern region chairman, Europe poses a challenge to exporters.

“But in the US, Middle-East nations and South-East Asia, demand is growing. We are expecting that our exports will reach about US $41-42 billion this fiscal,” Sankhwal was quoted by PTI as saying.

According to a PTI report: He also expressed concern over imposition of 5 per cent import duty by Dubai on gold and diamond jewellery.

“The move would impact India’s exports. We are discussing measures to deal with the situation as Dubai is an important market,” Sankhwal was quoted by PTI as saying.

About steps to boost export, he said GJEPC is organising a buyer-seller meet in the national capital.

A three-day event — India SAARC-Middle East Buyer Seller Meet — started yesterday.

“In this meet, 38 domestic manufacturers and 70 international buyers from South Asia, the Middle-East, including Bangladesh, Sri Lanka, the UAE, Egypt, Jordan, Oman and Qatar are participating,” he was quoted by PTI as saying.

On display is a wide range of jewellery products by exhibitors.

“There is a huge potential in these markets. The event provides a platform to bring traders together and explore business opportunities,” he was quoted by PTI as saying.