Govt outlines plan to meet gems, jewellery exports worth $80 billion in 5 years

Economy

China accounts for 13% of US gold jewellery but with the ongoing US-China trade war, US has imposed higher duty on Chinese jewellery exports whereas Indian exports are still cheaper.

Even As Indian gems and jewellery exports are struggling to meet the $40-billion-mark that was achieved last fiscal, the Union commerce ministry has chalked out strategies to achieve $80 billion worth of exports in the next five years through setting up common facility centres across the country that will move gems and jewellery up the value chain, especially in designs. This will create wider market access across the globe, crucial to take India towards a $ 5-trillion economy.

Rupa Dutta, economic advisor, ministry of commerce said a global slowdown and trade uncertainties across the globe has prompted World Trade Organisation (WTO) to down grade gold trade. But according to World Gold Council report, gold demand declined 38% in the second half of the fiscal after a 65% demand growth in the first half. The report says annual buying of gold reached 650.3 tonne, the second highest level in 50 years, only 6 tonne less than in 2018.

Source: Financial Express

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