Mumbai: The Indian Government’s Department of Commerce has set a gem & jewellery export (G&J export) target of USD 45.7 billion for the year 2022-23. This follows the industry’s stellar contribution of nearly 10% to the country’s overall exports of USD 400 billion last year.
The top gem and jewellery export targets set for key countries in 2022-23 are: USA ($16.16 billion), Hong Kong ($11.86 billion), UAE ($6.36 billion), Belgium ($2.89 billion), Israel ($1.66 billion), Thailand ($1.17 billion), Singapore ($850 million), Japan ($462.43 million), France ($245.5 million) and Botswana ($246 million).
In a letter to GJEPC Chairman Mr. Colin Shah, dated 9th June 2022, Mr. B.V.R. Subrahmanyam, Commerce Secretary, Government of India, congratulated GJEPC for its leadership in steering the sector towards exports of nearly $40 billion for the FY 2021-22. He noted that the gem and jewellery sector’s contribution was instrumental in India achieving exports of $419 billion in 2021-22, which is a record in itself, showing a growth of 44% from 2020-21 and 34% from 2019-20.
Mr. Subrahmanyam added, “This stellar export performance is a result of the close collaboration and partnership between GJEPC working in harmony with the D/o Commerce, MEA, and other Ministries of Government of India, State Governments, and other stakeholders. Indeed, the key role of GJEPC in export promotion, identifying new markets, developing market intelligence, and overcoming disruptions in supply chains is commendable, in the backdrop of an adverse global scenario.”
For FY 2022-23, the Department of Commerce set a merchandise export target of $45.7 billion for GJEPC. He informed that this year’s target setting exercise took into consideration all suggestions received and learnings from the previous year and extensive consultations with Export Promotion Councils, Boards, Indian Missions, and other stakeholders like Industry Associations/Bodies, etc.
“I am certain that this target is eminently doable if all stakeholders work together in harmony as a team,” Mr. Subrahmanyam said. “In this endeavour, the department is committed to facilitating exporters by providing a conducive enabling environment. At the same time, the role of GJEPC is critical in aggressively promoting exports, assisting and handholding exporters, especially SME units, identifying challenges and addressing them with necessary interventions, and exploring new markets while consolidating existing ones.”
Mr. Colin Shah said, “Last year, the gem & Jewellery sector contributed close to $40 billion to the overall export target of $400 billion. This was possible as the Govt. has been hand holding us all the way throughout the pandemic and has come up with trade-friendly policies to boost exports. As an industry we are happy that even before setting the export target of USD 45.7 billion for 2022-23, the Govt. has opened up new ways to achieve this through the trade agreements signed with UAE and Australia. As always, GJEPC would remain proactive and take the necessary steps to achieve this target.
Mr. Subrahmanyam said, “I am sure that with your continuous support and effort, we will not only be able to meet the targets but even surpass them in the future, putting us in striking distance of achieving exports of $2 trillion, contributing 25% of the GDP, before 2030.”
The Department of Commerce will monitor the progress achieved by country/region every month and will share feedback with GJEPC at regular intervals.