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2011-04-19

Gems and Jewellery export jumps

Demand is flowing from Gulf countries, America, Hong Kong and the other countries as well, Jain said, adding that the majority of exports have been through the United Arab Emirates (UAE).

Gems and Jewellery export jumps

Gems and jewellery exports from the country registered a robust 46.89 percent to USD 43.14 billion in the last fiscal, Gems & Jewellery Export Promotion Council. "The demand has increased and also the prices of raw materials have increased. Whether it is diamond, gold, silver or may be other items, both the demand and raw material prices increased simultaneously. That is the reason we are witnessing this kind of growth," RajeevJain, Chairman, Export Promotion Council said.

"Gold has a standard price and if they ( buyers) have to buy jewelry then they have to buy jewelry according to the standard price," he added.

Demand is flowing from Gulf countries, America, Hong Kong and the other countries as well, Jain said, adding that the majority of exports have been through the United Arab Emirates (UAE).

The latest figures has beaten GJEPC's earlier growth prediction at 35 percent in the last fiscal.

It has widely been expected that growing demand from the western markets like the US and Europe would help the nation's gems and jewellery exports to register a healthy growth. The performance of this industry is critical as it contributes 16.67 percent of India's total merchandise exports. The growth in the sector was primarily driven by cut and polished diamonds which registered an increase of 54.91 percent in 2010-11.

Gold jewellery exports also rose to $12.89 billion in the fiscal ended March 31, up 33.27 percent from $9.6 billion in 2009-10.

Coloured gemstone exports also increased by 9.68 percent in dollar terms, with the sector witnessing a rise from $286.78 million in 2009-10 to $314.54 million in 2010-11.

"The world is eyeing India today for trade across various sectors - be it diamonds, coloured stones or jewellery. From a trading hub in gems and jewellery, the focus is now to take India a level up in the value chain and promote the sector as a design destination globally, the focus of our new campaign," said Jain.

The year saw United Arab Emirates emerge as the largest destination of exports, with 47 percent of exports, followed by Hong Kong with 22 percent, and the US with 11 percent.

 

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