IBEF: July 29, 2019
India's nodal jewellery exchange body has told commerce minister, Mr Piyush Goyal that exports to the US could bounce by US$ 1 billion to nearly US$ 3 billion if Washington is able to extend obligation advantages to these products under the Generalized System of Preferences (GSP). The GSP refers to an exchange program proving advantages to creating world exports to the US.
Indian exports of Gold jewellery articles alongside gold chains, accessories, neck chains, gold mixed links, and so on. remained at US$1.78 billion of every 2018, down from US$2.5 billion out of 2007-09, after these things lost preferential treatment under the GSP in stages.
Of these, gold jewellery article exports accounts for 80 per cent.
The Gem and Jewelry Export Promotion Council (GJEPC) has told the minister that China picked up to the detriment of India with its general gems fares to the US expanding from US$2.78 billion out of 2007 to a peek of US$3.66 billion out of 2013, preceding supporting to US$3.1 billion of every 2018.
US imports of Indian gold jewellery articles tumbled from US$2.21 billion in 2006 to US$882 million in 2008 after the product stopped to get preferential treatment under GSP as they crossed the so-called competitiveneed limitation, which forces import ceilings on products and countries that might otherwise not be “competitive”.
Imports of these articles by the US got to US$ 1.38 billion throughout the following 10 years through 2018, "on account of the business of Indian exporters, Basically, the obligation on these products was expanded to 5.5% and more from negligible rates.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.