Govt to provide all support to gems & jewellery sector: Nirmala Sitharaman, Commerce and Industry Minister

At the 37th Festival of Gold being organised by state-run trading firm MMTC, Nirmala Sitharaman, Minister of Commerce and Industry extended her complete support to the gems and jewellery industry on behalf of the Government. As per the PTI reports, she said, “The government will extend full support to the gems and jewellery exports as it is recording healthy growth at a time when outbound shipments are facing challenges.” In September, gems and jewellery exports grew by 22.42 per cent year-on-year to USD 4.46 billion. Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. “India has made a big difference in gems and jewellery trade at a time when exports are facing many challenges but this sector has stood the headwinds, and therefore we need to give all support to the sector,” told Sitharaman. Shipments witnessed growth only in June this year and again entered into negative zone in July and August. However, it turned positive in September. The minister also asked the MMTC to organise roadshows all over the country to popularise gold coins.