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China emerges as the second-largest importer of gems, jewellery in FY17

Exports to the South Asian country jumped jumped by a staggering 28.48% to $2.48 bn

Dilip Kumar Jha  |  Mumbai 

gold, jewellery, ornaments, bangles

has emerged as India's second- largest destination for and jewellery exports after the United States(US) in the financial year 2016-17 due to a slowdown in the European Union(EU) and an import tax levied by the United Arab Emirates(UAE).

and are the two other major destinations for shipment of precious metal jewellery and stones from

Data compiled by the Union Ministry of Commerce showed that export of and jewellery to jumped by a staggering 28.48 per cent to $2.48 billion in FY17.

"is the second-largest economy in the world after the Then, why not increase our and jewellery exports to the country? Aiming to boost our exports, we organised several bilateral trade opportunities including buyer-seller meets with Indian diamond jewellery manufacturers. So, the increase in jewellery sales to was expected. We see 100 per cent growth in opportunity in few more years," said Sabyasachi Roy, Executive Director, and Jewellery Export Promotion Council.

While some varieties of and jewellery, especially the high-end jewellery worth over $1,000 contracted in the US, the country continued to account for 40 per cent of India's and jewellery exports.

Meanwhile, China's gain can also be attributed to a decline in exports to UAE, which levied a 5 per cent import duty for local sales of and jewellery. Re-routing, however, continues to attract "zero" import duty in the West Asian country.

Many domestic jewellery manufacturers have opened retail ventures in that coincided with the re-routing policy followed by in terms of increasing exports in European and African countries. 

First Published: Thu, June 01 2017. 14:49 IST