Gems-Jewellery Export Can Reach Upto $42 Billion This Fiscal Year
According to GJEPC (Gems and Jewellery Export Promotion Council), due to the high demands in Middle East and South East Asia, India’s gems and jewelry export can grow upto $42 billion in this fiscal year. In 2016-17, the export got totaled at $36 billion. Anil Sankhwal, Northern Region Chairman of GJEPC believes that Europe can poses a challenge for the exporters in India.
“But in the US, Middle-East nations and South-East Asia, demand is growing. We are expecting that our exports will reach about USD 41-42 billion this fiscal,” Sankhwal told reporters.
“The move would impact India’s exports. We are discussing measures to deal with the situation as Dubai is an important market,” Sankhwal said while expressing a concern as Dubai impose 5% import duty on importing gold and diamond jewellery from there.
In order to make a rise in Indian exports, GJEPC started India SAARC-Middle East Buyer Seller Meet, a three day event in the national capital. The display has wide range of jewelry products by different exporters.
“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. There is a huge potential in these markets. The event provides a platform to bring traders together and explore business opportunities,” says Sankhwal.
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