Gems and Jewellery - #SectorUpdates
With an annual growth rate of over 16%, the Indian Gems and Jewelry industry is one of the areas of the Indian economy that is expanding at a faster pace. Around 6-7% of India’s GDP is contributed by the Gems and Jewelry industry, which is important to the country’s economy. Additionally, it has about 2.5 million employees who work in this industry. It is one of those industries that have the quickest growth rates, and it is very labor- intensive and export- oriented. The Government of India has designated the Gems and Jewelry sector as a target area for export promotion based on its potential for growth and value addition. The Government has recently implemented a number of initiatives to encourage investments and to modernize technology and capabilities in order to market “Brand India” abroad. Interestingly, India is the biggest supplier of diamonds in terms of cutting and polishing, with the cutting and polishing industry being well supported by Government policies . Additionally, according to statistics from the Gems and Jewelry Export Promotion Council (GJEPC), India exports 75% of the world’s polished diamonds. Also, India is the world’s second biggest consumer of gold. India is thought to be the centre of the world’s jewelry industry due to its affordable labour prices and accessibility to highly qualified workers.