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Gems and jewellery exports up 33.5 %

NEW DELHI: Matching the rise in overall growth of exports, gems and jewellery exports have posted a robust growth of 33.5 per cent year-on-year at $3.7 billion in May this year as demand increased from markets like the UAE and the U.S.

Exports during the corresponding period in 2010-11 stood at $2.7 billion, according to the data released by the Gems and Jewellery Export Promotion Council (GJEPC). “Exporters are receiving good number of orders for our products from markets like the UAE, the U.S. and Hong Kong. We expect exports to grow 10-15 per cent in the current fiscal as compared to the last fiscal,” GJEPC Chairman Rajiv Jain said in a statement here. UAE accounts for about 30 per cent of total gems and jewellery exports, followed by the U.S. (25 per cent) and Europe (20 per cent).

As per the GJEPC data, exports of gold medallions and coins saw the maximum growth of 77 per cent year-on-year in May, followed by silver jewellery (56 per cent), gold jewellery (26.5 per cent) and cut and polished diamonds (23.5 per cent). During the first two months of this year, gems and jewellery exports jumped 18.2 per cent to $6.9 billion as compared to the same period last fiscal.

During 2010-11, shipments grew 15.34 per cent to $33.54 billion as compared to the previous fiscal.

Exploring new markets

To reduce dependence on the West, exporters are also exploring new markets like Russia, Latin America and Africa.

In a related development, GJEPC said it was deeply disheartened by the disagreement in position between the consuming countries and African producers at Kimberly Process (KP) meet at Kinshasa, Democratic Republic of the Congo.

The decision affects the livelihood of millions in India who are involved in the diamond industry in different capacities.

“Being their representatives and on behalf of the largest stakeholder in the diamond manufacturing world today, we decry the divisions that are stopping the rightful exports from compliant mines in Marrange of Zimbabwe.

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