Total exports of the gems and jewellery sector has gone up by 24.29% at $7.7 billion (Rs 31,932 crore) during the five months (April-August) of FY 2007-08 as against $6.23 billion (Rs 28,379 crore) in the corresponding period last year, on good buying from Middle East, Europe and USA.
During the review period, total exports of cut and polished diamonds also increased by 32.99% at $4.95 billion (Rs 20,401 crore) as against $3.73 billion (Rs 17,000 crore) in the year-ago period.
Exports of gold jewellery also registered a significant growth of 24% during the review period and reported at $2.23 billion (Rs 9,210 crore) as against $1.81 billion (Rs 8,263 crore) in the same period last year. ?Export to Japan was stagnant in the recent months compared to last year but demand from USA and Europe was largely maintained this year. The demand from the US will continue to grow in the next few months, despite withdrawal of GSP status. With the Christmas festival drawing closer, we see fresh retail demand in the days to come,? Sohil Kothari, Fine Jewellery (I) Ltd told FE.
Thanks to a strong rupee vis-?-vis the dollar, total imports of rough diamonds to the country shot up 31% at $4.22 billion (Rs 17,602 crore) as against $3.2 billion (Rs 14,860 crore) in the same period last year.