Gems & jewellery sector gets annual export target till last quarter of FY23

India's gems and jewellery industry has achieved its annual export target of USD 48 billion till the last quarter of the current financial year, an official said on Friday.

He said that after Covid pandemic, the industry is back on track and keeping its fingers crossed amid the current surge in number of coronavirus cases across the globe.

"The present chairman of the gems and jewellery council has informed that the industry has achieved the yearly target of 48 billion of exports from the country till the last quarter. We have achieved what he had to achieve," honorary secretary of the Jaipur Jewellery Show (JJS) Rajiv Jain said.

The 20th edition of the four-day jewellery show kicked off on Friday at the JECC here, which is hosting over 900-plus booths and 500-plus exhibitors from different parts of the country and abroad.

The theme of this year is 'Emerald...Timeless Elegance'.

Jain said that the domestic gems and jewellery market is also growing because of heavy gold buying. He said that focus of jewellery traders has now shifted from international consumers to the domestic buyers.

He said that the industry is back on track after the Covid pandemic and keeping its fingers crossed that a China-like situation doesn't happen in India.

"We are keeping our fingers crossed. If it remains limited to China then it will be a windfall gain for the Indian market," Jain said.

Jaipur Jewellery Show is a premier B2B and B2C show. The event was inaugurated by the chief guest, Asher Ottamoochikkal, MD- Indian operations at Malabar Gold & Diamonds.

Chairman, Gem & Jewellery Export Promotion Council (GJEPC), Vipul Shah, and Chairman, All India Gem & Jewellery Council (GJC), Ashish Pethe were also present at the event.

JJS chairman Vimal Chand Surana said that a special feature of the show is the focus on the latest designs and new jewellery settings. People will get to see new trends ranging from traditional heavy gold jewellery to lightweight jewellery. Those looking for fashion accessories and stone-studded jewellery will not be disappointed.