Gems & jewellery export likely to rise 20%.

New Delhi: India’s gems and jewellery exports are expected to rise by 15%-20% in 2010-11 on the back of increased market share in the US and also in other countries.

In US, which is one of the largest markets for India’s gems and jewellery, India’s share in total imports is expected to rise from 30% to 35% in 2010-11, which would help in sustaining the momentum of exports.

“Though the size of US market is not expected to expand this year, but we are quite hopeful that India’s share in total gems and jewellery imports by the country would rise largely at the expense of Israel and Belgium,” Sanjay Kothari, convenor, promotion and marketing of the Gems and Jewellery Export Promotion Council (GJEPC), said.

In the first three months of 2010-11 financial year that started in April, India’s gems and jewellery exports rose by an impressive 57% in rupee terms and 67.5% in dollar terms from around Rs 25,858 crore to Rs 40,533 crore.

Exports of gold jewellery, which is one of big constituent of total gems and jewellery export basket rose by more than 38% in rupee terms in April-June, while that of cut and polished diamonds jumped by almost 74% also in rupee terms. In 2009-10, India exported almost $27 billion of gems and jewellery.

Not only exports rose, so also were the imports of rough diamonds, raw pearls, gold bar and others raw materials. In 2009-10, total imports into India rose by around 20% to almost 23 billion dollars. “Imports are also expected to be healthy this year,” Kothari said, adding that India imports most of its rough diamond requirements from Belgium and also from mining destinations.

Meanwhile, to attract new buyers, designers and others, the GJEPC is organizing a India International Jewellery Week from 15 August to 19 th August, which would followed by a jewellery exhibition from 19 th August to 23 August.

“The jewellery fashion week which will precede the exhibition is completely different from the usual fashion weeks and its focus would be more on encouraging new designers and would see participation from leading established amateur jewellery designers and design houses,” Kothari said, adding the whole idea behind the fashion week is to showcase the world that India is design destination for gems and jewellery and not a copying centre

Source : financialexpress.com