| Date: |
02-07-2010 |
| Subject: |
India FY11 gem, Jewellery exports seen rising: GJEPC |
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India's gem and jewellery exports are expected to rise atleast 5% year on year in FY11 according to the Gem and Jewellery Export Promotion Council (GJEPC), a top official said on Thursday..
"It is too early to say but we are expecting a growth of 5% this fiscal...its a minimum that we are expecting we may end up with double digit growth," Chairman Vasant Mehta told Reuters in an interview.
India's gem and jewellery exports rose 16% in 2009/10 to USD 28,414.64 million compared to the same period a year ago, "strictly due to a low base because of the recessionary period", Mehta said.
The council expects to import gold from 2011 under the open general licence (OGL).
After the abolishment of the Gold Control Act in 1990, the yellow metal was brought under OGL in order to allow free import into the world's largest consumer of bullion.
Source : MoneyControl
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