India's 2005-06 Gem, Jewelry Exports Seen Hitting $18 Billion

India's gems and jewelry exports are forecast to grow by 15 percent to $18 billion during the current fiscal year due to strong foreign demand, according to Bakul Mehta, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC).

That figure would compare with exports of $15.67 billion in the 2004-05 fiscal year, Mehta said, noting growth of 12 percent for the first quarter (April-June) of the current fiscal year.

Exports of $18 billion this year would put India firmly on course to reach its previously announced target of $20 billion by 2007 ahead of time.

Mehta made the comments at a news conference to announce the July 14-18 India International Jewellery Show (IIJS) in Mumbai

Talking about rough diamonds supplies to India, Mehta said India was looking into the direct sourcing of rough diamonds from major diamond producer countries such as South Africa, Russia, Botswana and Angola.

He said he hoped for progress regarding rough from Russia following the visit by a GJEPC delegation to Moscow at the end of July. India imports $7 billion-$7.5 billion of rough diamonds annually.

Meanwhile, the IIJS will feature 1,500 booths and is expected to attract 686 exhibitors, including 117 international exhibitors. IDEX Online will also have a booth at the show Hall 1, booth AL 10/E.

As part of an effort by the GJEPC to revive traditional Indian arts, visitors will be able to see traditional Indian jewelry at the India Traditional Pavilion. In addition, the Designers Gallery will showcase jewelry designed by young Indian jewelry designers.