Gems and jewellery exports up 4.5 per cent in April

NEW DELHI: India's gems and jewellery exports grew 4.5 per cent year-on-year to USD 3.21 billion in April, on the back of rising demand from western markets like the US and Europe.

Exports during the same period of 2010-11 stood at USD 3.07 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.

The council is upbeat about the exports' growth in 2011-12.

"Exporters are witnessing good demand for their products from the US and European markets. We expect the exports to grow 10-15 per cent in the current fiscal compared to the last year," GJEPC Chairman Rajiv Jain said.

During 2010-11, the gems and jewellery shipments grew 15.34 per cent to USD 33.54 billion compared to the previous fiscal, according to the figures provided by the Commerce Ministry.

The US and Europe contribute about 60 per cent to the country's gems and jewellery exports.

As per the GJEPC data, exports of coloured gemstones saw the maximum growth of 51 per cent year-on-year in April, while cut and polished diamonds consignments grew 5.5 per cent.

However, shipments of gold jewellery saw a negative growth of 15 per cent in the first month of the current fiscal compared to the same period in the last fiscal.

"Rising prices of gold affected the demand for the commodity," Jain said.

To reduce dependence on the West, Indian exporters are also exploring new markets like South America and East Asia.