Gems, jewellery exports glitter in October, up 21.8%
New Delhi: After falling for five months in a row, India's gems and jewellery exports rose by 21.8 percent year-on-year in October to USD 3.37 billion boosted by rising demand from western markets ahead of Christmas.
In October 2012, these exports stood at USD 2.7 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
"Ahead of the Christmas season, exporters are getting a good number of orders not only from traditional markets like the US, Europe and Middle East but also from emerging ones including Latin America and Africa," a GJEPC official said.
The major markets for the country's gems and jewellery exports are the US, Europe, Middle-East, Hong Kong and Japan.
Among the categories which registered growth in October are coloured gemstones exports, followed by cut and polished diamonds and silver jewellery.
However, segments like gold medallions &coins and gold jewellery exports witnessed declines.
India is the largest importer of gold which is mainly utilised to meet demand of the jewellery industry. The country imported around 830 tonnes of gold last fiscal.
In the first seven months of this fiscal, gems and jewellery exports declined 6.67 percent to USD 20.94 billion due to weak demand in western markets. During 2012-13, these exports declined by 9.4 percent year-on-year to USD 39 billion.
Gems and jewellery constituted 17 percent of India's total exports in the last year. The sector employs 1.5 million people.