India Gem & Jewelry Exports Leap 38% in 2004

India’s exports of gems and jewelry skyrocketed last year, jumping 37.88 percent to $14.329 billion, of which cut and polished diamonds accounted for $10.340 billion during the period, growing 28.42 percent over the year before.

Diamond exports grew more than 23 percent to 44.267 million carats. In 2003 the country exported 35.899 million carats and altogether the country exported $10.392 billion worth of jewelry, loose diamonds and gems in 2003.

Rough diamond imports totaled $7.317 billion, a 10.87 percent increase over the $6.6 billion of imports in 2003.

The county’s Gem & Jewellery Export Promotion Council (GJEPC), which announced the figures, says the biggest growth was in gold jewelry exports, shooting up 78 percent to $3.667 billion, indicating the rising share of this sector in the country’s overall gem and jewelry exports. 

Exports of colored gems during 2004 increased slightly more than 3 percent to $194.19 million.

GJEPC Chairman Bakul Mehta, expressed satisfaction with the 2004 results “The industry has shown very impressive growth and is moving in the right direction. We are confident that we would surpass the set target of $16 billion by 2007 and are hopeful that this growth rate shall continue.”