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India’s gems and jewellery exports increased by 55 percent in February to US$2252.54 million as per the preliminary data released by the Gem and Jewellery Export Promotion Council (GJEPC) on its web site. A growth of 54.96 percent as compared to US$1453.59 million of the corresponding period during previous year.
In between April to February, exports of jewelry products increased to US$ 24849.52 million from US$ 22492.89 million.
The exports of gold jewelry in particular registered a climb of 37.51 percent when compared to the same period last year.
The total exports of cut and polished diamonds in February was US$1370.30 million as opposed to US$861.25 million for the same period of previous year. A growth of 59.11 percent
The export of colored gemstones at US$ 32.37 million indicated a growth of 89.85 percent during the month as compared to US$ 17.05 million in February 2009.
India's gems and jewellery sector had recently expressed disappointment over its non-inclusion from select export sectors, which were permitted to take advantage of the 2% interest subvention scheme for one more year till March 31, 2011.
The India gems and jewelry industry is on fast track. In fact India is known to be the diamond polishing capital of the world, moreover the country is slowly gaining prominence in the international circuit as high quality designer jewelry marker, what with global retailers like Wal Mart and JC Penney sourcing the best of the jewellery from India. The availability of highly skilled, low-cost labour workforce aids India design and make high volumes of beautiful jewelry at low cost. As per Credit Analysis and Research Limited (CARE), the domestic jewellery market in India is pegged at US$ 16 billion.
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