The government is going to resort to e-commerce to boost the exports of Gems & Jewelery. According to sources, the new e-commerce policy will make custom clearance easier so that exporters can sell their products directly to foreign customers. A new e-commerce policy is possible by April. Explain that about 85% of the MSMEs are in the Gems & Jewelery sector.
To boost jewelery exports, the government plans to accelerate the Gems & Jewelery Export. Ecommerce is set to ease retail business abroad (B2C). Now small businesses will be able to sell their products directly to foreign customers. For this, a new system will be created in Postal, RBI and Customs Department. Under this new system, there will be clearance from Electronic Data Interchange (EDI). Courier and parcel will be scanned and custom cleared. It was stopped till now due to the fear of smuggling.
The Gems & Jewelery industry in India is a highly fragmented industry like other MSME industries. Units in the gems and jewelery industry are more in the unorganized sector than in the organized sector. The jewelery includes not only traditional gold, but also jewelery made of different types of diamonds and platinum. Precious and semi-precious stones are also traded in this industry.
The government is looking at the gems and jewelery sector as a highly promising sector to boost exports. India’s gems and jewelery industry has contributed significantly to foreign exchange. Therefore, the government has allowed 100 percent foreign direct investment (FDI) in this sector. Currently, India exports $ 35 billion (about Rs 2.55 lakh crore) worth of gems and jewelery annually.
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