Indian Polished Diamond Exports up by over 30 Percent.

India’s gem and jewellery industry has witnessed a growth of 22.27 percent for the financial year 2007-08 as compared to the previous year, with the sector accounting for 13.41 percent of India’s total merchandise exports. This performance is all the more commendable considering the fact that the rupee showed a steady gain over the US dollar for most part of the year, notes a spokesman for the Gem and Jewellery Export Promotion Council (GJEPC).
Exports of cut and polished diamonds which was the performance driver for the period in consideration amounting to nearly 68 percent of the export basket, grew from US$10.9 billion in 2006-07 to US$14.2 billion in 2007-08. Hong Kong emerged as largest importer of cut and polished diamonds from India, with a share of 35 percent of the total ex ports followed by the United States, which accounted for 24 percent and United Arab Emirates at 13 percent.

“The industry has maintained a steady rate of growth this year too, but this growth is result of increase in trading activities as actual manufacturing has shown a decline. What is more remarkable about this performance is that they have been achieved in face of appreciating rupee, high interest rates, withdrawal of GSP benefits and general economic slowdown in our major markets. The increase in the exports of diamonds, that are cut and polished in the country are a testimony to the talent of our artisans in this industry. With the assistance of the government of India we at GJEPC are committed to take this industry forward. Over the years the government of India has keenly considered the needs of the Indian gem and jewelry industry and has made favourable amendments in policies to support the continuous growth. For instance last year the government of India reduced import duty on cut and polished diamonds to 0 percent that has helped India to be at par with other international manufacturing centres. This will enable India to transform from largest manufacturing centre to the global trading hub,” says Sanjay Kothari, Chairman of the GJEPC.

In other news, the GJEPC is now repositioning Indian gems and jewelry as “Epitome of Luxury” by developing programs such as ‘BRAND INDIA’, which is the Council’s initiative to promote Indian jewelry to the end users in markets such as the United States, China, the Middle East, CIS, Russia and India .

Source: http://www.diamondintelligence.com/