India’s Gems, Jewelry Exports Projected to increase by 10%

India’s gem and jewelry exports in 2010-11 (April-March) are likely to rise 10 percent, year-over-year, based on an improvement in demand for the US and China, according to Vasant Mehta, chairman of India’s Gem and Jewellery Export Promotion Council.

“It is very early to say how the US will perform, but it is coming up step-by-step and there are indications that demand from the world’s largest consumer will go up by at least 10 per cent from last year,” Mehta said addressing the media at the India International Jewellery Show in Mumbai. In 2009-10, India exported $28.41 billion worth gem and jewelry, up 16 per cent from the previous year.

He said that Chinese market was also looking promising and demand for Indian jewelry from West Asia was also on the rise reviving hopes of higher exports for the industry, according to the India's Business Standard publication.

Mehta added that the Indian participants received good response in series of buyers-seller meets organized by GJEPC with Chinese counterparts in the past few months.

India’s Gems and jewelry industry accounts for 17-23 percent of the total earnings for the country, he said.