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India's gems, jewellery exports up 30%

Gem and jewellery exports from India scaled a new high clocking a growth of 30.11 per cent at Rs 346.49 billion during 1999-2000 up from Rs 258.53 billion in 1998-99.

Sanjay Kothari, newly elected chairman of the Gem and Jewellery Export Promotion Council, or GJEPC, said that the target for exports from this sector has been fixed higher at Rs 368.80 billion for the year 2000-2001.

However, the growth rate is expected to remain lower at about 8 per cent compared to 30 per cent during 1999-2000 as the diamond exports have come to a saturation point, he said.

The gem and jewellery industry, with its excellent performance, thus continues to be a leading foreign exchange earner for the country. Its share is expected to account for 20 per cent of all exports out of India.

Commerce secretary P P Prabhu, who was also present on the occasion, said, "Thirty per cent growth is a remarkable achievement in the overall exports of gem and jewellery."

During 1999-2000, India exported cut and polished diamonds worth Rs 287.01 billion as compared to exports valued at Rs 209.92 billion the previous year, registering a growth of 32.75 per cent in dollar terms and 36.72 per cent in rupee terms.

"This sector contributes the lion's share in the overall gem and jewellery exports from the country, but in the $ 80-billion industry worldwide, India's share is hardly 1-1.5 per cent," he stated.

India has now consolidated its position as a world leader in the field of cut and polished diamonds capturing a staggering 55 per cent of the world market by value, as against a 50 per cent share recorded last year.

In terms of carats and pieces exported, India continues to be way ahead of other countries, with an 80 per cent share by caratage and 90 per cent share in terms of pieces, Kothari said.

Gold jewellery exports did not lag behind and marked a growth of 16.70 per cent in dollar terms and 20.32 per cent in rupee terms at Rs 42.57 billion as compared to Rs 35.42 billion during 1998-99.

UNI

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