New Delhi: The gem and jewellery sector contributes significantly to the economy of the country in terms of exports as well as employment generation. In the year 2017-18, the gem and jewellery exports was 13.69% of total merchandise exports from the country. As per estimates, the sector provides employment to around 5 million people.
During the financial year 2018-19 (upto November, 2018), the gem and jewellery exports are USD 27.05 Billion as compared to USD 28.02 Billion during the corresponding period in previous year, showing decline of 3.46%.
During the year 2017-18, gem and jewellery exports were USD 41.54 billion as compared to USD 43.41 Billion, showing decline of 4.3%.
With a view to strengthen the gems and jewellery industry, the Government has taken a number of steps, such as establishment of Special Notified Zone, setting up of common facility centres for gems and jewellery sector, creation of separate ITC HS Code for lab grown diamond, reduction of GST rates for cut and polished diamonds and precious stones, exempting IGST on import of gold by specified agencies and banks, Exemption from GST on supply of gold by Nominated Agencies to exporters and providing financial assistance for participation of international fairs, for organizing buyer seller meets, creation of export related infrastructure etc. under various schemes of Department of Commerce. Further, issues raised by the industry are resolved from time to time to improve ease of doing business.