The government has expressed its hope that the India’s gems and jewellery sector to grow 6-7 percent annually and has set a target of $60 billion exports by 2022 from the present $43 billion. According to the Gem and Jewellery Export Promotion Council’s provisional data, the country exported gems and jewellery worth $43.156 billion during FY17, a rise of nearly 10 percent over $39.286 billion exported in FY16.
In order to become globally competitive and promoting jewellery exports, Department of Commerce Joint Secretary Manoj Dwivedi has said that the jewellery industry needs to achieve a higher scale of achievement in the coming years. He also mentioned that the government is making various policy initiatives to find out ways and mean to improve this sector since it is only sector having maximum employment opportunities to both skilled and unskilled workers pan India.
Adding further, he pointed out that although the downward trend witnessed in the global markets, the country's gems and jewellery exports showed upward trend, which is very positive sign. He also stated that they want to explore new markets for jewellery and diamond exports for which process is on.