October 20, 2005
India Exports Up 21% Over Last Year
The Gem & Jewellery Export Promotion Council, representing 6,500 gem and jewelry exporters in India, released robust performance figures for the period April-Sept. 2005, the first half of its financial year 2005-06. Total exports were recorded at $8.4 billion and showed growth of almost 21% in dollar terms compared to the corresponding period last year.
The exports of cut & polished diamonds for the period April-Sept. 2005 stood at $6.3 billion, indicating a growth of almost 24% when compared to the same period last year. The export of colored gemstones during April-September 2005 was $109 million, a growth of 8.6% when compared to the corresponding period last year. Gold jewelry exports stood at $1.6 billion the in April-Sept. 2005 period, a growth of 4.4% over the same period last year.
"The first half of this financial year has witnessed an impressive growth in total exports," said Bakul R. Mehta, chairman, GJEPC. "Looking at the performance, we are confident of achieving the set target of $18 billion for this financial year. Demands for both cut and polished diamonds and jewelry are on perpetual increase, proving India as the most sought-after destination for gems and jewelry in the world."
"All efforts are being made by [India's] Ministry of Commerce & Industry towards supporting the Council and the trade in enumerable initiatives undertaken by them to promote the industry globally, thus helping it to make India ... a global hub for diamonds and Jewelry," said Mehta. "Commencement of Bharat Diamond Bourse, Mumbai, in another one-and-a-half years will play a pivotal role towards achieving the set objective."
GJEPC, along with other trade organizations, also inaugurated a national research center for diamonds and gemstones under the aegis of the Gemmological Institute of India, which is already a research and development laboratory approved by the government of India as a Scientific Industrial Research Organization. The objectives of GII and the National Research Centre, spread over 4,500 sq ft., is to offer conference and library facilities, a data bank, provisions for advanced training in gem grading and the latest technology, including the first HRD D-scope in the country. It's also a recognized center for PhD students.
The council also launched an international advertising campaign aimed at transforming the perception of the Indian gem and jewelry industry in the mind of the International customer. The campaign works towards highlighting the Indian gem and jewelry industry's strengths in providing reliable service, world-class quality standards and designs as well as consistent delivery.