Jewellery traders aim $45-50 billion exports this fiscal

KOLKATA: After witnessing a decline in exports in the first six months of the fiscal, gems and jewellery traders are now pinning hopes on the festive season for increased business and is targeting exports of about USD 45-50 billion this fiscal.

"October to February are very crucial months for us, the period being the festival season. Usually, business picks up galore during this time and we are hopeful of the same this year too," All India Gems and Jewellery Trade Federation Chairman Bachhraj Bamalwa told reporters on the sidelines of a Bengal National Chamber business meet here.

India's gems and jewellery exports declined by 14 per cent year-on-year to USD 3.72 billion in September, while during the April-September period this fiscal, the shipments fell by 11.7 percent to USD 19.90 billion, according to Gems and Jewellery Export Promotion Council figures.

He added that the global economic picture was also looking better and business can be expected from traditional markets like the US, UK and the Middle-East.

During 2011-12, gems and jewellery exports aggregated at USD 43 billion.

Gems and jewellery constitute 17 per cent of India's total exports, and employs 1.5 million people.

The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.