Gems, jewellery exports may reach USD 44 bn in FY15: GJEPC

The Gems and Jewellery Export Promotion Council (GJEPC) today said gems and jewellery exports is likely to rise to USD 44 billion during this financial year if there are positive policy changes.

According to Commerce and Industry Ministry data, gems and jewellery exports stood at USD 39.5 billion in 2013-14.

"We are hopeful of relaxation of policies on gold imports and recovering of export markets like the US and other countries, which will help meet the target of USD 44 billion during this fiscal," GJEPC Chairman Vipul Shah told reporters here.

The country exported USD 7.86 billion of gold jewellery in FY14, as per GJEPC data.
 

However, gold jewellery exports declined nearly by half last year due to non-availability of the yellow metal after the government imposed strict rules to control the current account deficit like the 80:20 rule and the high customs duty of 10 per cent.