Introduction of reforms for the gems and jewellery industry such as revamped gold monetisation scheme, reduction in import duty of gold, and hallmarking would help push its growth rate and achieve $43.75 billion exports target for this fiscal year, Union Minister Anupriya Patel said on Wednesday.

Gems and jewellery sector contributes about 7 per cent to GDP and 10-12 per cent to the country's total merchandise exports.

The Minister of State for Commerce and Industry said gems and jewellery exports stood at $9.2 billion in the first quarter of 2021-22.

"On the policy front, the government has introduced a number of reforms, such as the revamped Gold Monetisation Scheme, reduction in import duty of gold, hallmarking, etc. which would help the industry to grow to the next level," she said.

She expressed hope that these measures "would not only help the industry to transform but will take the exports on a steep upward trajectory".

This would help the industry achieve an export target of $43.75 billion this year as well as achieve the goal of GJEPC (Gems and Jewellery Export Promotion Council) to take gems and jewellery exports to $75 billion in coming years, she added.