Polished diamond export to cross $18 bn in 2010-11.

SURAT: In the first quarter of 2010, about $6 billion worth of polished diamonds were exported to different destinations like the US, China, Hong Kong, Japan, UAE, South America etc., a jump of 85 per cent compared to the first quarter export in the previo us year.

India, especially Surat cuts and polishes 60 per cent of the world's diamonds and sells 40 per cent of it to the US, the world's largest finished jewellery consumer. The industry, which contributes 12.51 per cent of the country's total merchandise export, accounts for nearly 55 per cent of the world's net exports of cut and polished diamonds in value terms, 90 per cent in terms of pieces and 80 per cent in terms of carats.

In 2005, an astounding 92 per cent of all cut diamonds set in jewellery world-wide came from Surat where nine out of 11 diamonds of the world are cut and polished, making it the largest manufacturer of cut and polished diamonds in the world. From the $11 billion worth of polished diamond export in 2004-05, the industry has come a long way with the export of polished diamonds expected to cross $18 billion in 2010-11.

The India International Jewellery Show (IIJS), the fifth largest diamond and jewellery trade show in the world held recently in Mumbai generated $858 million worth of business during five days last year it generated $500 million with a huge purchase from over 3,000 international buyers and about 26,000 domestic customers.

"The success of the IIJS and all other international jewellery shows held during this year depict the revived consumer confidence across the world. This will further drive our polished diamond and jewellery export to a much higher level" said Sanjay Kothari, convenor of promotion, marketing and business development at GJEPC.

Year Overall export of gems & jewellery Polished diamond export

2004-05 $15.50 billion $11 billion

2005-06 $16.71 billion $11.83 billion

2006-07 $17.15 billion $10 billion

2007-08 $20.91 billion $14 billion

2008-09 $25.31 billion $13 billion

2009-10 $.28 billion $17.54 billion

Source : timesofindia.indiatimes.com