* From April 2021-January 2022, India’s overall exports of gems grew at 69.13% YoY to US$ 32.37 billion.
* India ranks first among the top exporters in cut & polished diamonds, and second in gold jewellery, silver jewellery and lab-grown diamonds.
* The cumulative foreign direct investment (FDI) inflows in diamond and gold ornaments stood at US$ 1,194.00 million between April 2000 and June 2021.
* In September 2021, Malbar Group invested Rs. 750 crore (US$ 100 million) in a gold refinery and jewellery unit in Hyderabad.
* India has signed an FTA with the UAE which will further boost exports and is expected to reach the target of US$ 52 billion.
* The Government has reduced custom duty on cut and polished diamond and colored gemstones from 7.5% to 5% and NIL.
* India’s gold demand stood at 797.30 tonnes in 2021 and is expected to be in a range of 800-850 tonnes by 2022.
* In the fourth quarter of 2021 demand for gold rose by 93% YoY to 265 tonnes.
Major Hubs for Gems and Jewellery
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