Gems, jewellery export may hit $41-42 billion this fiscal: GJEPC

New Delhi: Higher demand in the Middle-East and South-East Asia could help India's gems and jewellery export grow this fiscal to about USD 42 billion, an export promotion body said on Monday.

In 2016-17, the export totalled at around USD 36 billion.

According to Anil Sankhwal, Gems and Jewellery Export Promotion Council (GJEPC) northern region chairman, Europe poses a challenge to exporters.

"But in the US, Middle-East nations and South-East Asia, demand is growing. We are expecting that our exports will reach about USD 41-42 billion this fiscal," Sankhwal told reporters here.

He also expressed concern over imposition of 5 percent import duty by Dubai on gold and diamond jewellery.

"The move would impact India's exports. We are discussing measures to deal with the situation as Dubai is an important market," Sankhwal said.

About steps to boost export, he said GJEPC is organising a buyer-seller meet in the national capital.

A three-day event -- India SAARC-Middle East Buyer Seller Meet -- started yesterday.

"In this meet, 38 domestic manufacturers and 70 international buyers from South Asia, the Middle-East, including Bangladesh, Sri Lanka, the UAE, Egypt, Jordan, Oman and Qatar are participating," he said.

On display is a wide range of jewellery products by exhibitors.

"There is a huge potential in these markets. The event provides a platform to bring traders together and explore business opportunities," he said.