KOLKATA: Exports of gems and jewellery from India increased 55% to $ 2.142 billion in November 2009 compared to $1.383 billion exactly a year ago with good orders pouring in from the UAE, Hong Kong and the US.
The smart November growth was triggered certainly by Christmas buying, which started building up since October, when exports of such items was $ 2.114 billion.
"Since Hong Kong and the UAE are two important hubs for third country exports, the spurt in our exports in November indicates a slow economic turnaround in some countries of West Asia and southeast Asia," said Pankaj Parekh, chairman of the Gem & Jewellery Export Promotion Council (GJEPC) - eastern region.
According to GJEPC, the exports in October and November are in fact higher because exports from SEZs in Chennai and Vizag would also get included. The sudden jump in November exports has helped gems and jewellery exporters to make good the loss from decline in exports in the previous months. In aggregate term, it has helped India to restrict the total slippage in exports to just 1.02% on a cumulative basis till the month of November.
So, despite the recession, cumulative exports have dropped only marginally to $ 17.623 billion in April-November 2009 compared to $ 17,922 billion in the corresponding period last year. Exporters hope that the positive trend will continue, Mr Parekh said.
Source : The Economic Times