Gems, jewellery exports rise 30% to $15.7 billion in FY05

Mumbai, April 20 | Updated: Apr 21 2005, 05:56am hrs
The total exports of gem and jewellery rose nearly 30% in the recently concluded fiscal 2004-05 and enthused by the performance, the Gem & Jewellery Export Promotion Council (GJEPC) of India, has revised the target to $20 billion for 2007.

During FY 04-05, gems and jewellery exports stood at $15,677.13 million marking an impressive growth of 29.27% compared to $12,127.38 million during FY 03-04.

The exports of cut and polished diamonds during FY 04-05, was at $11,181.48 million indicating a growth of 29.60% as compared with $8,627.48 million in FY 03-04.

Exports showed a whopping 42.23% growth in the jewellery sector, which indicates the rising share of this sector in the countrys over all gem and jewellery exports.

The export of coloured gem stones during FY 04-05 showed a growth of 8.1% when compared with FY 03-04. The year FY 04-05 saw the rough diamonds imports at $7,595.31 million.

Commenting on the occasion, Mr Bakul R Mehta, chairman of GJEPC, said, During the last financial year, the industry has shown an impressive growth, especially in the jewellery sector which is the future of the industry. Looking at the performance, it is evident that we are close to achieving the new set target of $20 billion by 2007.

However, he said, There are issues pertaining to the industry such as transfer pricing, service tax, excise on branded jewellery, Vat and others that needs immediate attention by the ministry. It is certainly not difficult to achieve the set target of $ 20 billion by 2007 provided these issues are attended to and resolved immediately.

On the upcoming events, GJEPC announced the International Diamond Conference - Mines to Market, 2005 that will be held at Tata Theatre, NCPA, Mumbai on May 24 and 25, 2005.

The conference will bring together the senior representatives from world over, all major players in the diamond from the mining and retail ends of the diamond pipeline.