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Gems & jewellery exports jump 95% in April
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SME Times News Bureau | 25 May, 2010
Exports of gems and jewellery from India, the world's largest supplier, almost doubled to $ 2.56 billion in April over the year ago period, driven by rising demand in the US and UAE markets.
Shipments in the opening month of the current fiscal rose 95 percent from $1.3 billion in In April 2009.
"The exporters are getting good orders from markets like the US and UAE. Jewellery exports are growing in line with India's overall exports," Federation of Indian Export Organisation President, A Sakthivel told a news agency.
Gems and jewellery, the number one contributor to the country's export basket (at about 16 percent), saw a reversal in its fortunes after demand revived in the Western markets from November 2009. Exports were hampered severely due to the economic meltdown, which had started in September 2008.
However, with the recovery in global markets, the demand for gems and jewellery has seen a rise not only in traditional markets, but also new ones like Russia, China and Latin America.
Exports of cut and polished diamonds grew by 115 per cent in April, followed by gold jewellery at 20 percent and coloured gemstones at 9 percent, compared to the same period last fiscal.
During 2009-10, India's gems and jewellery exports grew by 16 percent to $ 28.41 billion, compared to the previous fiscal.
The UAE is the main export destination for Indian gems and jewellery, accounting for 31 percent of the total exports, followed by Hong Kong and the US. The gems and jewellery exports sector employs about 1.3 million people.
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