[pib] Gems and Jewellery Domestic Council

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Mains Paper 3: Economy | Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth

From UPSC perspective, the following things are important:

Prelims level: National Committee for Gems and Jewellery

Mains level: The importance of gems and jewellery industry in India’s external trade


News

National Committee for Gems and Jewellery

  1. An Ad-hoc National Committee for Gems and Jewellery consisting 14 Members representing various associations of Gems and Jewellery Sector has been constituted.
  2. It is set to draft Memorandum and Article of Association and other Rules/Bye-laws of the Domestic Council.
  3. The Government is supporting the process of setting up of Domestic Council for Gems and Jewellery, to encourage and boost domestic gems and jewellery sector.
  4. It is envisaged that the domestic industry would be benefited from such a representative body which would be the forum for highlighting the issues and concerns of the industry that require redressal through policy measures.

Promoting Gems and Jewellery industries

Further, with a view to strengthen the National Committee for Gems and Jewellery in the country, the Government has taken a number of steps such as:

  • Establishment of Special Notified Zone (SNZ);
  • Setting up of Common Facility Centres for gem and jewellery sector;
  • Announcement of separate ITC HS Code for lab-grown diamonds;
  • Providing financial assistance for participation in international fairs,
  • Organizing buyer-seller meets,
  • Creation of export related infrastructure, etc.

Gems and Jewellery industries in India

  1. India is one of the largest exporters of Gems and Jewellery.
  2. The industry plays a vital role in the Indian economy for its role as a major contributor to the total foreign exchange reserves of the country.
  3. The overall net exports of Gems and Jewellery includes -cut and polished diamonds, gold jewellery and silver jewellery, gold coins and medallions.
  4. US, Hong Kong and UAE are the major exporters, who accounted for 75% of the total gems and jewellery exports from India during 2016-17.
  5. Other big importers of Indian jewellery include Russia, Singapore, Latin America and China.
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