| Date: |
15-07-2011 |
| Subject: |
Gems And Jewellery Exports May Jump About 16% In 2011-12 |
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India's gems and jewellery exports are likely to touch the USD 50 billion mark in the 2011-12 fiscal, up about 16% year-on-year, due to rising demand from traditional as well as new markets.
"We expect about 16% exports growth in 2011-12 as there is an increase in the number of orders from markets like the UAE, the US, Latin America and Hong Kong," Gems and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain said.
During 2010-11, the exports grew 46.89% to USD 43 billion, according to the GJEPC data.
The UAE accounts for about 30% of the country's total gems and jewellery exports, followed by the US (25%) and Europe (20%).
To reduce dependence on the West, the exporters have been exploring emerging markets like Russia, Latin America and Africa.
In the first two months of this year, the gems and jewellery exports jumped 18.2% to USD 6.9 billion as compared to the same period last fiscal. The gems and jewellery exports sector employs about 1.3 million people.
Source : moneycontrol.com
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