SME Times News Bureau | 17 Apr, 2010
Increased demand in the leading markets like US and Europe has given a push to the exports of gems and jewellery by 16 percent to USD 28.41 billion in 2009-10, Gem and Jewellery Export Promotion Council (GJEPC) informed on Friday.
During 2008-09, the export stood at USD 24.49 billion. The sector was hit hard due to the global slowdown and witnessed a decline in exports since October 2008.
The sector contributed 13 percent to the country's total merchandise export of about USD 186 billion during 2008-09. The US and EU together accounts for about 70 percent of India's total gems and jewellery exports.
"After undergoing challenging time in 2008-09, the Indian gems and jewellery rose like a phoenix and today preempting an upward trend due to our constant endeavour to sustain trade relation with the US and also expansion by penetrating other markets," said Vasant Mehta, Chairman of GJEPC.
Cut and polished diamond export registered an increase of 20.11 percent to USD 17.54 billion in 2009-10 compared to 14.6 billion in the 2008-09.
Besides, coloured gems stone export increased by 10.55 percent to USD 286.65 million in 2009-10 compared to USD 259.29 million in the previous fiscal, while gold jewellery exports rose by 9.38 percent to USD 9.42 billion during the period under review compared to USD 8.61 billion in 2008-09.
