Gems, jewellery export may hit $42 bn in FY18: GJEPC

This may be primarily due to higher demand in West and South-East Asia

Higher demand in West and South-East Asia could help India's gems and jewellery export grow this financial year (FY) to about $42 billion, an export promotion body said on Monday.

In 2016-17, the export totalled at around $36 billion.

According to Anil Sankhwal, Gems and Jewellery Export Promotion Council (GJEPC) northern region chairman, Europe poses a challenge to exporters.

"But in the US, Middle-East nations and South-East Asia, demand is growing. We are expecting that our exports will reach about $41-42 billion this fiscal," Sankhwal told reporters in New Delhi.

He also expressed concern over imposition of 5 per cent import duty by Dubai on gold and diamond jewellery.

"The move would impact India's exports. We are discussing measures to deal with the situation as Dubai is an important market," Sankhwal said.

About steps to boost export, he said GJEPC is organising a buyer-seller meet in the national capital.

A three-day event — India SAARC-Middle East Buyer Seller Meet — started on Sunday.

"In this meet, 38 domestic manufacturers and 70 international buyers from South Asia, the Middle-East, including Bangladesh, Sri Lanka, the UAE, Egypt, Jordan, Oman and Qatar are participating," he said.

On display is a wide range of jewellery products by exhibitors.

"There is a huge potential in these markets. The event provides a platform to bring traders together and explore business opportunities," he said.