Gems and jewellery exports jumped 75 per cent to $3.08 billion in June on increasing demand from major markets like the US and Europe.

Exports stood at $1.76 billion in the same month last fiscal, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.

“There is a good demand from the US market. Besides, orders are picking up in markets like China and Singapore as we are aggressively marketing our products,” GJEPC Chairman Vasant Mehta said.

Among the segments that registered maximum growth are cut and polished diamonds, which grew 78 per cent, followed by gold jewellery that jumped 39 per cent and coloured gemstones that saw an increase of 21 per cent.

Exporters feel that the demand would continue to grow in the coming months with improvement in the western economies.

The sector, which took a backstage due to the global economic crisis in September 2008, has seen a reversal in its fortunes with revival in demand in the western markets since November 2009.

The gems and jewellery exports industry, which is the number one contributor in the country’s total merchandise exports, employs about 1.3 million people.

The UAE is the main destination for Indian gems and jewellery, accounting for 31 per cent of the total exports, followed by Hong Kong and the US.

source: Business-Standard

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