India Gem and Jewellry Exports Up 54%.

Exports of gems and jewellry from India for April-July 2010 leapt 54% compared to 2009, initial data from the Gem and Jewellry Export Promotion Council indicated.

In terms of dollar value, the increase was even higher – 68.55% - reaching a total of $11.47 billion.

The diamond trade saw a dramatic rise, with cut and polished diamond exports rose 63% over last year, while gold jewellry exports in both the domestic tariff and the special economic zones were up 22.93%.

Rough diamond exports were up 49%, while exports of colored gemstones declined slightly – 0.15% - from the preceding year.

The month of July alone saw a 35% increase in total exports of gems and jewellry, attributable to a 32% increase over the previous year in both cut and polished diamond exports. Export of gold jewellry in July increased 21% over the preceding year, while colored gemstone exports for the month of July rose 1.7% over the preceding year despite a slight overall decline in the April-July period.

The GJEPC noted that the provisional data, which is subject to revision, did not include numbers on exports from Cochin and Surat special economic zones, or from Mumbai Foreign Post Office and Madras export processing zone.

Turning to imports, the GJEPC reported that 38% more rough diamonds and 55% more cut and polished diamonds were imported in April-July 2010 than in the same period the previous year, but that imports of gold bullions had decreased 35%. This data excludes imports by MMTC Ltd, Madras EPZ and Cochin SEZ.

Source : israelidiamond.co.il