Indian gem, jewellery exports touch $17 bn in 2005, up 15%

Mumbai, Feb 1 | Updated: Feb 2 2006, 05:30am hrs
Indias gem and jewellery exports in 2005 touched US $17 billion, up 14.8% on year, according to a Gem & Jewellery Export Promotion Council (GJEPC) of India press release. The growth in the sector was primarily driven by the cut & polished diamonds (CPD) segment, which registered growth of 19.29% in value terms and 9.74% in volume terms.

The export sales of CPD grew to $12.3 billion during Jan-Dec 2005 from $10.3 billion in the corresponding period in 2004, while total volume of CPD grew to 487 lakh carats during Jan-Dec 2005 from 443 lakh carats in the corresponding period in 2004. Among the other segments, exports of coloured gemstones grew by 15.03% to $222 million and the gold jewellery exports remained at $3,765 million.

Commenting on the industry performance, M. Bakul R Mehta, chairman, GJEPC, said, The industry has shown tremendous resilience to surpass its export targets under extremely competitive environment. Coming years will be an acid test for the industry and we expect the government to continue its support to enable us to compete with China and other global market on equal grounds.

The US, Hong Kong and UAE were the top exporting markets for the Indian gem and jewellery products followed by Singapore and Belgium accounting for nearly 80% of total exports. On the import front, total imports of gem and jewellery grew by 31.99% to $13.86 billion for the period Jan-Dec 2005 from $10.50 billion in Jan-Dec 2004.