IIJS Signature 2022 virtual Meet: India needs a self-sufficient gem and jewellery sector, and the government has made it a priority to assist enhance both domestic and export growth, Commerce and Industry Minister Piyush Goyal said on Friday.
"India aspires to make the gem and jewellery industry self-sufficient. As a result, this will be a priority for both domestic growth and export promotion. The Minister stated virtually at the inaugural occasion of IIJS Signature 2022 that the Budget 2022 has paved the way for the sector to flourish and extend India's influence in the global gem and jewellery trade. The sector contributes 7% to GDP and employs roughly 50 lakh people.
Goyal said that the Budget's proposed policies, such as lowering the import duty on cut and polished diamonds to 5% from 7.5 percent, extending the emergency credit line guarantee scheme for MSMEs until March 2023, and accepting personal surety bonds in place of bank guarantees for gold imports, will help facilitate exports through e-commerce while ensuring that small retailers are self-reliant.
"I am optimistic that the sector will be able to meet its aim of USD 40 billion in exports by the end of this fiscal year, up from USD 32 billion till January 31, and return to pre-Covid levels," he added.
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