Indian Gem, Jewelry Exports Leap To $17 Billion
March 06, 06
The Indian gem and jewelry industry surpassed its 2007 export target of $16 billion two years in advance, reports the Indian Gem and Jewellery Export Promotion Council (GJEPC), with exports totaling $17 billion (744.07 billion rupees).
The Indian gem and jewelry sector grew 14.81 percent from $14.8 billion (670.99 billion rupees) in 2004. The growth was primarily driven by the cut and polished diamond (CPD) segment, which registered growth of 19.29 percent in value terms and 9.74 percent in volume terms. The export sales of CPD grew to $12.3 billion during 2005 from $10.3 billion in 2004. The total volume of CPD grew to 48.7 million carats during 2005 from 44.3 million carats in 2004.
Among other segments, exports of colored gemstones grew by 15.03 percent to $222 million, while gold jewelry exports remained stagnant at $3,765 million. The U.S., Hong Kong, the UAE, Singapore and Belgium accounted for nearly 80 percent of total exports.
Total imports of gem and jewelry grew by 31.99 percent to 13.86 billion for 2005, up from $10.50 billion in 2004. Commenting on the industry’s performance, Bakul Mehta, Chairman, GJEPC, said, “The industry has shown tremendous resilience to surpass its export targets under extremely competitive environment. [The] coming years are going to be an acid test for the industry and we expect the government to continue its support to enable us to compete with China and other global market on equal grounds.”
Operating under the Ministry of Commerce and Industry, GJEPC represents 6,500 Indian gem and jewelry traders. The council is a non-profit entity involved in promoting gem and jewelry exports.