By Mr. Sachin Jain, Managing Director, De Beers India,
The Gems and Jewellery sector contributes to 7% of India’s GDP and forms around 12% of our export basket and plays a critical role in terms of employment generation. Over the past year the industry bounced back and performed well due to multiple positive steps taken by the government including reducing the import duty on gold and silver as well as ensuring there were no drastic increases in personal taxes. Beginning 2021, we also noticed that consumers moved towards purchases that were meaningful and brought value to their lives where jewellery played an important role. We look forward to the forthcoming budget in view that the gems and jewellery sector plays a pivotal role in the growth of the economy.