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Indian gem, jewelry exports see growth in fiscal '09

April 23, 2009

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Mumbai, India--The Indian gem and jewelry industry experienced a 1.45 percent increase in exports in fiscal year 2009 (April 2008-March 2009), compared with fiscal year 2008, the Gem and Jewellery Export Promotion Council (GJEPC) announced recently.

The growth in the sector was primarily driven by gold jewelry exports, which saw an increase of 23.64 percent.

Cut- and polished-diamond exports, however, saw a decrease of 8.24 percent to 40.2 million carats in fiscal year 2009, compared with 43 million carats in fiscal year 2008.

Colored-gemstone exports also decreased by 3.68 percent in dollar terms.

In the second half of the year, the Indian gem and jewelry industry witnessed a decline in exports of 18.88 percent due to a slowdown in the U.S. market. The SEEPZ at Mumbai, which is primarily dependent on the United States, also saw a sharp decline of 21 percent in exports.

The United Arab Emirates was the largest exporting destination with 31 percent of exports, followed by Hong Kong with 25 percent and the United States with 20 percent.

"The industry has undergone challenging times in fiscal year 2008-2009," GJEPC Chairman Vasant Mehta said in a media release. "U.S. slowdown in the second half of 2008 affected the industry greatly, and the gems and jewelry sector witnessed a decrease in exports in the last two quarters of the year. In spite of a slowdown in [the second half of the year], the industry could achieve a flat growth and performed reasonably close to its target of $21.9 billion."

The GJEPC is undertaking initiatives to help traders boost exports in challenging times. The organization will host by-invitation-only buyer-seller meetings between Indian diamond and colored-stone manufacturers and select overseas and domestic jewelry manufacturers and retailers to form new business relationships and partnerships from Aug. 4-5 in Mumbai.

The GJEPC has also planned additional marketing and promotional initiatives including seller-meets with China and European Nations, a Brand India Campaign and a Diamond Jewellery Promotion in India.

In addition, the GJEPC has entered into memos of understanding with the Government of Gujarat and the Gemological Institute of America to set up and run gem and jewelry institutes.

Established in 1966, the GJEPC is an all-India apex body for gems and jewelry representing 5,500 members.
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