Government focuses on making jewelery and gems sector self-sufficient, says Piyush Goyal

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“India wants the gems and jewelry sector to be self-sufficient. Therefore, this will be a focus area for both domestic growth and export promotion. Budget 2022 has paved the way for the sector to grow and expand India’s footprint in the global gem and jewelery trade,” the minister said.

The country needs a self-sufficient gems and jewelry sector and the government has made it a focus area to help boost both domestic and export growth, Trade and Industry Minister Piyush Goyal said on Friday.

“India wants the gems and jewelry sector to be self-sufficient. Therefore, this will be a focus area for both domestic growth and export promotion. Budget 2022 has paved the way for the sector to grow and expand India’s footprint in the global gem and jewelery trade,” the minister said virtually at the opening function of IIJS Signature 2022.

The sector contributes 7 per cent of GDP and employs around 50 lakh people, it said. Goyal said that the policies proposed in the Budget, including the reduction of the import tariff on cut and polished diamonds to 5% from the previous 7.5%, the extension of the guarantee scheme of the emergency line of credit for MSMEs up to March 2023, the acceptance of personal bonds instead of bank guarantee for gold imports, will help facilitate exports through e-commerce by ensuring that small retailers aim to make the sector self-sufficient.

“I am confident that the sector will be able to achieve its export target of $40 billion, which stood at $32 billion through January 31, by the end of this fiscal year and reach the pre-Covid level,” he added.

The 4-day India International Jewelery Show Signature 2022 scheduled until February 21 has 850 exhibitors participating and occupying 1450 booths. The fair has more than 14,000 pre-registered visitors from 632 cities in India and more than 400 international visitors, buyers and delegations from USA, United Arab Emirates, Egypt, NepalUzbekistan, Bangladesh.

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