Gems, jewellery export to jump two-fold by 2015: Ficci

NEW DELHI: The gems and jewellery export will be doubled in the next seven years, provided the industry access to new markets, use latest technologies and transform the sector from family-owned to a professionally-managed business, industry body Ficci said.

"A multi-pronged approach like transformation of the sector from family-owned to a professionally-managed business, innovation in design, focus on new markets and use of advanced technologies will push the gems and jewellery export to 37 billion dollars by 2015," the chamber said.

In 2006-07, exports from the industry was about 17.1 billion dollars, against 16.64 billion dollars in 2005-06, showing a growth of 2.6 per cent, it said.

The chamber also suggested that direct supply of rough diamonds from Angola, Canada and other diamond mining countries would be facilitated and most of the unorganised set-ups of stone cutting units should be changed to organised ones.

"Certification of jewellery should make mandatory and all exporters should be allowed to import gold freely," it said.

The major destinations for exports are the US, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kong together accounted for over 70 per cent of the total exports in the previous fiscal year, it added.

While diamonds accounted for 64 per cent of the total exports, followed by gold jewellery (30.47 per cent), coloured gem stones (1.44 per cent) and others (1.04 per cent), it added.