Registered growth of 33.5% with highest number of exports to UAE.
India has reported that its gems and jewellery exports have had “robust growth” of 33.5%, year-on-year, to $ 3.7 billion (£2.3 billion) in May, as a result of rising demand from markets like the UAE and the US.
The exports during the corresponding period in 2010-11, fiscal stood at $2.7 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.
GJECP chairman Rajiv Jain said: “Exporters are receiving good number of orders for our products from markets like the UAE, the US and Hong Kong. We expect the exports to grow 10-15 per cent in the current fiscal as compared to the last fiscal.”
The UAE accounts for about 30% of the country’s total gems and jewellery exports, followed by the U.S. (25%) and Europe (20%).
Data shows that gold medallions saw the largest growth, up 77%, perhaps due to the demand for gold as a commodity or heirloom. Indian silver jewellery had the second highest growth of 56%, gold jewellery exports increased almost 27% and cut and polished diamonds by 23.5%.
To reduce dependence on the West, the exporters are also exploring new markets like Russia, Latin America and Africa.