GOLD NEWS

Dip in export of gems and jewellery from Surat SEZ

Wed May 22 2024

The Surat SEZ, with 121 operational units, is the only SEZ for gems and jewellery export apart from the diamond bourse. Among these, 80 units are into manufacturing of diamonds, gems and jewellery products. (File Photo)

Export of gems and jewellery from Surat’s Special Economic Zone (SEZ) at Sachin fell by half in terms of value in the just-concluded financial year when compared to 2022-23. The traders blamed this on the fall in demand on account of the Russia-Ukraine and Israel-Hamas wars, as well as the crackdown on gold smuggling by the Directorate of Revenue Intelligence (DRI).

From diamonds, gems and jewellery exports worth Rs 26,513.07 crore in 2022-23, the number fell to Rs 12,765.44 crore this year. In 2020-21, the exports were worth Rs 16,161.65 crore, among the overall exports worth Rs. 17845.55 crore recorded by the SEZ.

Source: https://indianexpress.com