India’s gem and jewellery exports grew by 1.45 per cent in fiscal 2009, driven primarily by a 23.64 per cent increase in its gold jewellery sector.
Covering the period April 2008 to March 2009, year end results also saw an 8.24 per cent decline in cut and polished diamond exports, totaling 40.2 million carats over 43 million carats in fiscal year 2008, said the Gem and Jewellery Export Promotion Council (GJEPC).
Coloured gemstone exports also decreased by 3.68 per cent in dollar terms.
The United Arab Emirates (UAE) is India’s largest export destination, accounting for 31 per cent of exports. Hong Kong and the United States are number two and three, with 25 and 20 per cent of exports, respectively.
GJEPC chair Vasant Mehta said despite the downturn in U.S. exports in the last two quarters, he expects flat growth overall. The council is also implementing initiatives to help boost exports. One is setting up by-invitation, buyer-seller meetings between Indian diamond and coloured stone manufacturers and select overseas and domestic jewellery manufacturers and retailers.
Memos of Understanding (MoUs) have also been signed with the government of Gujarat and the Gemological Institute of America (GIA) to set up three institutions and training centres in Ahmedabad, Surat, and Bhavnagar.
