EXECUTIVE SUMMARY
Diamonds, gems and Jewellery have been a part of the Indian civilization since its recorded history, the significance of the gems and Jewellery industry in the Indian economic scenario is a development of the last three or four decades. In 1966-67, the export turnover of the Gems & Jewellery industry was just Rs 220 m representing a 3 per cent of total merchandise exports. However, it has now grown to become one of the leading export oriented industries in India recording an export turnover of around Rs 91617.53 Crore during 2008-09, making it a significant foreign exchange earner for the country.
The gems and jewellery sector, which has seen a substantial fall in exports since 2007 due to the withdrawal of a 6 per cent duty concession under the Generalized System 7 of Preferences on jewellery exports to the US, has been severely affected by the economic meltdown.
As a result, India’s share of gems and jewellery exports to the US has come down from 36 per cent in 2006 to 20 per cent in 2009.
The UAE was the largest importer of gems and jewellery from India in 2008-09, with a share of 31 per cent.
This was followed by Hong Kong with a 25 per cent and the US with 20 per cent. The gems and jewellery sector accounted for 13 per cent of India’s total merchandise exports.
During April 2009, the total gems and jewellery exports of the country was $1,144 million, as against $1,740 million during the same period last fiscal, a fall of about 34 per cent.
INTRODUCTION
Gems & Jewellery Sector
Diamonds, gems and Jewellery have been a part of the Indian civilisation sinceits recorded history, the significance of the gems and Jewellery industry in the Indian economic scenario is a development of the last three or four decades. In 1966-67, the export turnover of the Gems & Jewellery industry was just Rs 220 m representing a 38 per cent of total merchandise exports. However, it has now grown to become one of the leading export oriented industries in India recording an export turnover of around Rs 875 bn during 2006-07 and contributing 16 per cent of total exports, making it a significant foreign exchange earner for the country.
Classification:
Gems & Jewellery Sector
1. Polished Diamonds: India is one of the best markets in the world in the polished diamonds for its world-class quality of diamonds as well as exquisite cutting skills. Over 83 per cent of India's Gems & Jewellery cut and polished diamonds account for exports. Jaipur and Surat are famous as world class polishing and designing centers.
2. Gem Stones: This category refers to the stones other than diamonds, these stones comes under two basic categories that are precious stones and Semi precious stones. There is a huge demand for these gemstones especially of Sapphire, Emerald and Ruby. India's exports of gems have crossed 5000000 carats this year.
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