The government is aiming at $80 billion of jewellery exports in the next five years from the present level of $40 billion, a senior official said on Thursday.
The Centre also expects the jewellery industry to generate additional employment of 2 million, Rupa Dutta, Economic Advisor, Ministry of Commerce, said.
The sector employs about 5 million people.
"Jewellery exports is targeted to touch $80 billion in the next five years. In the 2018-19 fiscal, the country exported $40 billion worth of jewellery," she said.
Dutta said there has been decline in the growth of jewellery exports this fiscal owing to global slowdown.
"We hope to maintain the level of exports at $40 billion in 2019-20, if not more," she said, speaking at the ground breaking ceremony of eastern India's first Common Facility Centre (CFC) here.
The jewellery industry is a huge employment generator, she said, adding, an additional job creation of 2 million is expected over the next five years.
Dutta said CFCs for jewellery trade was envisaged in the 12th Five Year Plan, and this will be the sixth one in the country after Gujarat and Coimbatore.
Artisans will be able to access modern machines for designing and testing at this centre, the official said.
Dutta said entire funding of the CFC, located at the Bowbazar cluster in the city, will come from the commerce ministry, and a local trade body will run and manage it.
The CFC is likely to be operational by February.Chairman of Gem & Jewellery Export Promotion Council (GJEPC), Pramod Agrawal, said it has sanctioned an amount of Rs 5 crore for promotion of Indian jewellery in overseas markets.