AHMEDABAD: The overall exports of gems and jewellery from the country in November has shown a jump of over 47 per cent as compared to corresponding period last year, apex industry body Gems and Jewellery Export Promotion Council (GJEPC) said.
The overall exports of gems and jewellery stood at Rs 9976.39 crore in November 2009 as compared to Rs 6779.93 crore in the same period a year ago, thereby showing a jump of 47 per cent, a GJEPC statement said.
"While the overall exports have risen sharply, the sale of diamonds in the country around festival time has also shown a growth of 123 per cent in November 2009, as compared to the corresponding period last year," regional head Surat GJEPC Chandrakant Sanghvi said.
The major demand for diamonds is coming from countries such as Japan, China and Far East Asia, he added.
The growth in November is due to the fact that the trade voluntarily stopped import of rough diamonds for one month (24 November, 2008 to 23 December 2008) resulting in decline of import and therefore exports, GJEPC statement said.
Also the US recession and global slowdown seriously affected the overall exports & imports of gem & jewellery during November 2008, it added.
"Worldwide demand for diamond is going up, moreover the Indian market that was insignificant so far has turned favourable as youths have shown a high liking for diamond since its affordable and cheaper in comparison to gold," President Surat Diamond Association, Rohit Mehta, said.
"The generic advertisement campaigns launched by industry body like Diamond Trading Corporation (DTC) to promote the precious stone has also made a lot of difference in promoting sales," Mehta said.
Meanwhile, the overall exports of cut & polished diamonds from the country showed a jump of over 111.79 per cent in rupees term, GJEPC statement said.
The overall exports of cut and polished diamonds stood at Rs 6252.54 crore in November 2009 as compared to Rs 2952.24 crore in the corresponding period last year, thereby showing a jump of 111.79 per cent, it added.
According to GJEPC, the import of cut and polished diamonds in Surat stood at Rs 3530.70 crore in November 2009, as compared to Rs 1743.41 crore in the corresponding period last year, also showing a jump of over 102 per cent.
Surat imported cut and polished diamonds of 22.46 lakh carat in November 2009, as compared to 13.18 lakh carat diamonds in the corresponding period a year ago, it added.
India imports diamonds primarily from countries such as Belgium, United Kingdom, Israel, UAE, Hongkong and USA.
Source : The Economic Times