There is a global fear about the spread of new Covid variant Omicron and many industries are affected by it but that’s not the case with the diamond industry, as the exports from India rose by 21%.
Recently, Gems and Jewellery Export Promotion Council (GJEPC) released Import-Export Data which highlighted how despite the jitters in the global markets diamond industry of India is still doing good with 21.06 percent increase in export between April and November to Rs 1.20 lakh crore, up from Rs 94,298 crore during the same period in 2019.
Important to note here is that between April and November exports of gems and jewellery was up 4 percent to $26 billion while in rupee terms it was up 9 percent.
Majority of exports were to US, Hong Kong, the UAE, Belgium and Israel.This fiscal year Industry expects to achieve the export target of $42 billion.
The Gems and Jewellery Industry has suggested to the Government a few policy reforms for consideration in the Union Budget like lowering import duties on cut and polished diamonds, gold, and other precious metals.The industry has also demanded change the provisions to allow the sale of rough diamonds in Special Notified Zones in Surat and Mumbai.
According to the data by GJEPC diamond exports in November 2021 grew at 11.42% to Rs97`9 compared to the data from 2019.