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Post By : Diamond World News Service On 08 October 2005 12:00 AM
THE Indian gems and jewellery sector has registered a considerable increase in exports in the first half of the financial year 2005-06, said a press release from the Gem and Jewellery Export Promotion Council. For the period April-September 2005, the total exports of the gem and jewellery industry were recorded at $8391.91 million (Rs36486.74 crores) and showed an impressive growth of 20.73% in dollar terms compared to $6951.01 million (Rs31477.34 crores) for the corresponding period last year. “The first half of this financial year, has witnessed an impressive growth in total exports. 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 jewellery are on perpetual increase proving India as the most sought after destination for gems and jewellery in the world,” said GJEPC Chairman Bakul Mehta.
Gold jewellery exports
The gold jewellery exports stood at $1644.56 million in April-September 2005 as compared to $1575.47 million in the same period last year marking a growth of 4.39%. Coloured gemstones exports were at $109.21 million in April-September 2005 in comparison to $100.54 million with increase of 8.62%. “All efforts are being made by the Ministry of Commerce and 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 and Indian gem and jewellery industry a ‘global hub for diamond and jewellery’. Commencement of Bharat Diamond Bourse at BKC, Mumbai in another one and half years will play a pivotal role towards achieving the set objective,” said Bakul Mehta.
The GJEPC is undertaking various promotional measures to further enhance the growth of the gem and jewellery industry globally. The Council has lead various trade delegations to key markets for diamonds and jewellery such as the UK, Canada, Russia, Hong Kong and Thailand. Recently, the Council has also launched an international advertising campaign aimed at transforming the perception of Indian gem and jewellery industry in the mid of the international customer. The campaign works towards highlighting the Indian gem and jewellery industry’s strengths of providing reliable service, world class quality standards, designs and consistent delivery.
Diamond jewellery sales growth
Meanwhile, AFNS has reported that India has the fastest-growing retail diamond jewellery market in the world, according to a press report. In 2004, the country recorded Rs65 billion ($1.45 billion) of retail diamond jewellery sales, up 16.1% from Rs56 billion ($1.25 billion) the year before. India is also the world leader in diamond polishing, with exports totaling $11.18 billion in 2004-2005, up 26.6 percent from the previous year. China is the second fastest-growing retail diamond jewellery market in the world today, with 2004 sales of $2.6 billion, up 11 percent from the year before. The US diamond jewellery sales grew 8%, an important sign as the country accounts for 51 percent of world diamond jewellery sales. Even Japan saw growth of 3% in diamond jewellery sales. The country’s economic troubles since the mid-1990s had depressed its diamond jewellery sales by half from the days when it accounted for one third of the total world market. The total size of the world diamond jewellery market is estimated at $60 billion.

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