New Delhi, May 6, (KNN) The government has adopted a slew of measures including providing financial assistance and withdrawal of levy of one per cent central excise on both branded and unbranded jewellery since last year to boost the seemingly sluggish sector, Parliament was informed today.
 
“Government has taken steps like providing liberal financial assistance under market access system, duty drawback on gold (Rs 100.70/gm) and silver jewellery (Rs 2590.80/kg), withdrawal of levy of 1 per cent  central excise on both branded and  unbranded jewellery with effect from March 17, 2012 and formation of gems and jewellery sector skill council for skill development in the  sector,” said D Purandeswari, in the Lok Sabha.

Apart from this the government has provided a token amount of Rs one crore for a convention centre and gems and jewellery park at Mumbai, and setting up of common facility centers and gem bourse  in Gujarat and Jaipur respectively.

Notwithstanding, India's gems and jewellery exports declined by 9.3 per cent to USD 39 billion in 2012-13 because of lower demand from global markets, especially in the US and Europe.

During 2011-12, the exports stood at USD 43 billion.

Shipments of gems and jewellery constitute 14 per cent of India's total exports, and employ 3.4 million workers, with the middle east taking most of the market.   (KNN)