Gem & jewelry exports up 29%

By agencies   |   Wednesday, 20 April 2005, 19:30 IST
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NEW DELHI: In line with the country's total export growth figures, gem and jewelry exports during 2004-05 increased 29.27 percent to $15.67 billion. The figure stood at $12.12 billion in the previous fiscal. "The export figure for the sector has surpassed the $13.3 billion target set by the Commerce Ministry. Keeping in view the achievement, the target for this fiscal as well as 2006-07 has been revised upwards to $18 billion and $20 billion," Gem and Jewelry Export Promotion Council chairman Bakul R Mehta said. Exports of cut and polished diamonds, which contribute about 72 percent of the total exports in this sector, rose 29.60 percent to $11.18 billion compared to $8.62 billion in 2003-04. Gold jewelry export jumped by an impressive 42.23 percent to $3.81 billion while exports of colored gemstones increased 8.1 percent to $192 million. In rupee terms, total exports stood at Rs 70,240 crore in 2004-05, up 26.44 percent from Rs 55,554 crore a year ago. Total imports of gems and jewelry grew 23.65 percent to $ 11.56 billion over $ 9.3 billion a year ago. Imports of rough diamonds grew 6.3 percent to $7.59 billion in 2004-05 while imports of cut and polished diamonds jumped a huge 137.8 percent to $2.82 billion. The sector employs 1.3 million people at present, Mehta said, adding it has the potential to create 300,000 additional jobs every year. The GJEPC is also setting up a Diamond Bourse in Mumbai which would be ready by 2006-07, as part of efforts to make India the world's diamond hub, he added. In line with the country's total export growth figures, gem and jewellery exports during 2004-05 increased 29.27 percent to $15.67 billion.