Gems and Jewellery Exports Up 22% Per Cent in January .

India’s gems and jewellery exports jumped by about 22 per cent year—on—year to $ 2.86 billion in January on the back of healthy demand from Western markets like the US and Europe.

“We are witnessing good demand for gems and jewellery exports from the US, European and Gulf markets. In fact, we are expecting the jewellery exports to surpass the target of USD 30 billion in 2010—11,” Gems and Jewellery Export Promotion Council (GJEPC) Chairman, Mr Rajiv Jain, said.

The council also feels that the country’s gems and jewellery exports may rise by 17.8 per cent to $ 33 billion in the current fiscal vis—a—vis the last financial year.

The US, along with the 27 nation bloc European Union, accounts for over 60 per cent of the country’s total gems and jewellery exports.

Exports of cut and polished diamonds saw the maximum growth of 23.44 per cent in January, followed by gold jewellery (15.38 per cent) and coloured gemstones (3.8 per cent), as per the GJEPC data.

During the April, 2010—January, 2011, period, exports of precious items increased by 38.81 per cent to $ 30.59 billion in comparison to the same period last fiscal.

India’s jewellery exports came under pressure during the global financial crisis around two years ago, which saw a substantial drop in demand in Western markets.

To reduce dependence on the West, Indian exporters are also exploring new markets like South America and East Asia.

Source : thehindubusinessline.com