Gems and jewellery export to grow by 20 per cent this fiscal.

KOLKATA: The Gems and Jewellery Exports Promotion Council, an apex forum of the gems and jewellery industry in the country, expects exports growing by 20 per cent in the current financial year from 16 percent in the last fiscal due to the financial recovery in the world.

"We have grown by 16 per cent in the last fiscal (2009-10) and it is expected that we will grow by 20 per cent (year-on-year) in the current fiscal," Pankaj Parekh, regional chairman of the council, said.

He said increased value of metals would help in achieving the growth.

Parekh was speaking to reporters on the sidelines of a press meet to announce the dates of East India Jewellery Show (EIJS), a business-to-business show that will be held next month.

"We would like to request the government to continue with the two percent interest subvention for another six months at least. That will immensely help our industry," he said.

In the 2010-11 budget, the government withdrew the two percent interest subvention to the industry.

The gems and jewellery market at present is $16 billion. It is expected to become $30 billion in the next four years.

Source : The Economic Times