India's jewellery exports make modest gains amid slump
22 Apr 2009
Export of gems and jewellery from the country rose 1.45 per cent in the financial year ended 31 March 2009 helped by a surge in gold jewellery exports, which offset the effects of a near-19 per cent dent in second-half 2008-09 exports.
Jewellery exports rose marginally to $21.11 billion in 2008-09 from $20.81 billion in the previous year although shipments were hit by a demand contraction in major global markets.
Export of gold jewellery rose 23.64 per cent in fiscal 2008-09 to $6.86 billion while export of polished diamonds fell 8.24 per cent to $13.02 billion in the fiscal, GJEPC said in a release.
''The growth in the sector was primarily driven by gold jewellery (exports), which registered an increase of 23.64 per cent in FY'09,'' Vasant Mehta, chairman of the Gems and Jewellery Export Promotion Council, said in the statement.
Export of gold jewellery put up a better performance in the first half of fiscal 2008-09. However, ''the US slowdown in the second half of 2009 affected the industry greatly,'' Mehta said.
Meanwhile, domestic trade in gem and jewellery is expected to touch Rs1,25,000-crore by fiscal 2012 from the present Rs80,000-crore, reports quoting official sources at the All India Gem and Jewellery Trade Federation (GJF) said.
The association expects the sector to post a 17 per cent growth in the next three years against the present 8 per cent growth. It expects business to pick up from the lows of February and March, after the auspicious `Akshaya Tritya' festival next week.