Financial Daily from THE HINDU group of publications
Thursday, Feb 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 02, 2006 |
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Industry & Economy
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Gems & Jewellery Gem & jewellery exports surge to $17 b in 2005 Our Bureau
Mumbai , Feb. 1 THE gem and jewellery industry has once again beaten market expectations despite the difficult global market conditions and severe pressure on margins. According to the performance figures announced by the Gem and Jewellery Export Promotion Council (GJEPC) of India, the industry posted a robust 14.81 per cent growth in total exports. During the calendar year 2005, total exports of the gems and jewellery sector in the country grew to $17 billion (Rs 74,407 crore) from $14.8 billion (Rs 67,099 crore) in January - December 2004. Mr Bakul R. Mehta, Chairman, GJEPC, said, "The industry has shown tremendous resilience to surpass its export targets under an extremely competitive environment. The coming years are going to be an acid test for the industry and we expect the Government to continue its support to enable us to compete with China and other global markets on equal grounds." The growth in the sector was primarily driven by the cut and polished diamonds segment, which registered a growth of 19.29 per cent in value terms and 9.74 per cent in volume terms. The export sales of cut and polished diamonds grew to $12.3 billion during January - December 2005 ($10.3 billion), while total volume grew to 487 lakh carats (443 lakh carats). Exports of coloured gemstones grew by 15.03 per cent to $222 million and the gold jewellery exports remained at $3,765 million. The US, Hong Kong and the UAE were the top exporting markets for the Indian gem and jewellery sector followed by Singapore and Belgium accounting for nearly 80 per cent of total exports. On the import front, total imports of gem and jewellery grew by 31.99 per cent to $13.86 billion for the Jan-Dec 2005 period($10.50 billion).
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