Being one of the largest exporters in the world, India’s Gems and Jewellery sector has a tremendous potential in enhancing the earnings of foreign exchange. Marking the sector as the prime thrust area for export promotion, the government allows 100 per cent foreign direct investment (FDI) in this sector.
Clocking the annual export of USD 35 billion gem and jewellery, India is catering to top markets like the US, Hong Kong, China, the Middle East, Russia, and other countries.
“Demand for gems and jewellery from all of the major markets is picking up with the rollout of vaccines against COVID-19, which has already started in India,” said Minister of State for Commerce and Industry Hardeep Singh Puri at inaugural ceremony of 5 day virtual India Global Jewelry Show (IGJS) organised by Gem Jewellery Export Promotion Council (GJEPC).
The show saw the participation of over 500 international buyers, including independent retail, wholesale change design houses, jewellery brands from 50 countries.
According to the Chairman, GJEPC, Colin Shah, the country is also the largest manufacturing centre for emeralds and morganite; and GJEPC has also witnessed a huge demand for Indian silver jewellery over the last few year
“The digital media is going to continue as the new way of doing business,” he added.