Gems & Jewelry- The most significant sector of the economy
Gems and jewelry sector is one of the most significant sector of the Indian economy. It adds 6-7% to our GDP and is responsible for bringing in valuable foreign exchange. In addition gems and jewelry industry is a labor concentrated business and it generates lakhs of jobs every year. This is one of those sectors where India has a strong name globally and it is ranked as the largest exporter of gems and jewelry globally. In 2016 the sector saw exports of $32 billion and grew at a beneficial 12%. When it comes to segments, exports for 2015-16 included: Cut and polished diamonds : US $20 billion, gold medallions and coins: US$ 5.2 billion and silver jewelry: US$ 3 billion. There is a lot of demand for Indian gems and jewelry globally. UAE, US, Russia, Singapore, Hong Kong, Latin America and China are among the most significant importers. As per estimates, India exports 95% of world’s diamonds as it is the major cutting and polishing center for diamonds in the world. The jewelry market in...