Gems, jewellery exports may hit $41 bn-42 bn this fiscal
Higher demand in the Middle-East and South-East Asia could help India's gems and jewellery export grow this fiscal 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 here. He also expressed concern over the 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.