Why are the jewellery exporters doing for gaining importance??
The most important and leading earner of the foreign exchange is the industry of the gemstones and jewellery in the Indian economy. According to a study, it has been estimated that the consumption of the country is about 800 tonnes, whereas 600 tonnes of it is used for jewellery making. This has been observed that the Indian jewellery sector has been supported by the policies of the government as well as the banking sector. Most of the banks are providing credit to the diamond industry.
Since ancient history, the jewellery and gemstones have been playing a pivotal role in the Indian civilization and history. Jewellery is used for highlighting a specific part of the body. The Gemkonnect Jewellery Exporters have been making a huge contribution to the foreign exchange earnings of the country. This is playing a crucial role in the growth of the export zone of Mumbai, which accounts for almost 50% of the gem and jewellery exports. Mumbai is considered as the hub for the jewellery receiving majority of the gold of the country as well as rough diamonds.
The Gemkonnect jewellery exporters in Mumbai work for enhancing the value of their suppliers, customers, other stakeholders by making use of the best business practices. As per the recent studies, it has been seen that there has been a sustained decline in the global economy, especially in the United States as well as China. They have taken a heavy toll of the gems and jewellery exports in a few years. There has been a steady growth in the industries, but in the last two years there has been a decline in the exports.
It has been seen that the government has increased allocation for some new export incentive schemes across the Indian economy. This includes the jewellery and the diamond sector. Also, the government is still in the process of giving more incentives for promotion of dwindling exports. It is believed that jewellery sector is playing a crucial role in boosting exports. This is because; the Indian economy has a very small share in the global market. The Indian government and the Reserve Bank of India claimed each other that they are disrupting the growth of Indian exports. This allegation has been refused by the governor of the RBI by stating that there are several other factors responsible for decline of exports except the Indian rupee.
Also, it has been said that the paperwork for the jewellery exporters must be reduced, so as to provide them with an ease in performing business. Also, the industry of India’s commerce that the jewellery exporters can take away the gold or jewellery without any duties imposed on the gold. Recent studies have shown that the jewellery exporters are making huge efforts by participating in exhibitions and displaying their accessories. This helps in increasing their exports. Also, the jewellery exporters need to maintain their quality, delivery as well as the price of the products during the face to face competition with other countries of the world.