India’s exports of diamonds and gems may decrease due to economic slowdown in the big market, Ministry of Commerce is making this preparation
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India Export: On one hand, the increasing uncertainty in the global market is becoming a cause of great concern for the traders. Meanwhile, it is now being told that the craze for gold-silver and other metals including gold-silver and diamond-gems made in India is also in the market of America and China. However, the economic slowdown in these two markets is likely to affect the Indian market in the financial year 2023-24. Gems and Jewelery Export Promotion Council (GJEPC)GJEPC) According to the estimates, in the year 2023-2024, the export of diamonds and gems may decrease by 10 to 15 percent. Whereas, in the year 2022-23, an increase of 2.48 percent was registered in the export of diamonds and gems and it reached 3,00,462.52 crores. Let us inform that GJEPC has made Manushi Chhillar, who was elected Miss World in 2017, as its brand ambassador. Since then she has been promoting Indian jewelry all over the world.
Ministry of Commerce will decide the scope of exports
Amid growing uncertainties of the global economic scenario, the commerce ministry is considering setting a range instead of setting a single target for exports for the current financial year. Giving this information, an official said that at present a detailed study is being done on 200 countries and 31 groups to fix a scope of export target. The scope of the export target will depend on several parameters. The target of reaching the export of goods to one trillion dollars by the year 2030, the import data of the importing countries in proportion to the gross domestic product (GDP) and the country’s GDP and export ratio, past and potential trends will be tested.
‘In what condition how far can business be done’
Commerce Department official told that we are not fixing any single figure as export target. Actually our team is talking about setting a range of export target. In the best case scenario, exports can go up to this level and in the worst case it can remain so. He said that for the purpose of monitoring the exports every month, a fixed number would be required and for this the median or average of the prescribed range can be accepted. However, the ministry is not going to declare the scope of exports yet. Will have to wait for some more time for this.
The country’s commodity exports to be $ 450 billion in the financial year 2022-23
The trade expert said that in the financial year 2022-23, the country’s commodity exports were $ 450 billion. On this basis, for the financial year 2023-24, the target of exports can be fixed in the range of $ 451 billion to $ 495 billion. In the month of June, the country’s exports fell by 22 percent to $32.97 billion. The government has blamed the decrease in demand in America and Europe for this. In the first quarter of the current financial year, exports fell by a total of 15.13 percent to $ 102.68 billion.
India is the largest exporter of diamonds
Diamonds account for 55 percent of the diamond-jewellery exports from India every year. India is one of the major diamond exporting countries. This year, the commerce ministry had set a target of $42 billion for GJEPC to export diamond jewellery, but this year the figure is expected to be much lower than the target set.
GJEPC took concrete steps to keep the business stable: Chairman
GJEPC President Vipul Shah told that in the financial year 2023-24, the export of jewelery and gems is seen to be affected. Last year where the market was in better condition. At the same time, this year we may have to face 10 to 15 percent decline. After the decline, the market is likely to be around $42 billion. Most of the jewelery and gems are exported from India to America and China. In such a situation, Indian exporters are facing problems due to economic slowdown and increase in interest rates. Vipul Shah said that GJEPC is taking several concrete steps to promote exports. For this, road shows are also being done in different countries. Efforts are being made to expand in countries like Vietnam, Cambodia, Indonesia.
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