Indian Diamond, Gemstones, Gold Jewelry Rise Strongly

Indian exports of polished diamonds, colored gemstones and gold jewelry showed significant rises in the first nine months of the fiscal year, according to provisional figures from the industry umbrella organization Gem and Jewellery Export Promotion Council (GJEPC).

The Indian fiscal year runs from April to March.

Exports of cut and polished diamonds rose 28 percent in dollar terms on the year earlier period to $8.638 billion, while colored gemstones exports recorded a 12 percent rise to $139.9 million.

Meanwhile, gold jewelry exports soared 53 percent to $2.926 billion in the April January period with total exports for all three categories rising 29 percent to $12.068 billion.

The gems and jewelry sector has been picked out by the Indian government as a high-growth sector that can create employment.

Industry leaders expect India to comfortably surpass its $13.3 billion diamonds and jewelry export target for the 2004 fiscal year and annual exports of $16 billion by 2007.