The exports of gems and jewellery is likely to witness a growth of about 10% this fiscal on account of increasing demand in the US and Europe. According to the industry’s apex trade promotion body, Gem Jewellery Export Promotion Council (GJEPC), the growth of 10% will be led by polished diamonds.
The total exports has witnessed 28.26% growth at Rs 1.44 lakh crore during April-December 2016, compared to Rs 1.12 lakh crore in the corresponding period of FY15. Cut and polished diamonds saw flat growth at Rs 13,499.76 crore in the period, compared to Rs 13,537.21 crore in the same period of the previous financial year.
GJEPC is also striving to increase the country’s exports to Japan and the Middle East. It will continue to explore new export destinations for the sector that will earn revenue for the country. It is also looking at markets like Korea and the Commonwealth of Independent States (CIS) countries.