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India's gem and jewelry exports up 2.74 percent

April 19, 2007

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Mumbai, India—Driven by a 34.55 percent increase in gold-jewelry exports, the Gem and Jewellery Export Promotion Council (GJEPC) of India announced that the company's jewelry exports reached $17.1 billion in fiscal year 2006-2007, up 2.74 percent from $16.6 billion in 2005-2006.

The biggest boost came from gold-jewelry exports, which reached $5.21 billion, up from $3.87 billion in fiscal year 2005-2006.

Colored gemstones also had a strong year, up 6.08 percent to $246.48 million, versus $232.25 million the previous year.

The country's diamond exports were less robust. Total cut- and polished-diamond exports were down by 7.83 percent for the year, while diamond-merchandise exports rose 3.37 percent to $9.77 billion. Exports from bonded warehouses were $1.129 billion, versus $2.374 billion in fiscal year 2005-2006.

"The industry's contribution to the total value addition is to the tune of $4.1 billion in fiscal year 2006-2007," GJEPC Chairman Sanjay Kothari said in a statement.

He said the United States remains the largest export destination with 31 percent, followed by Hong Kong (21 percent) and the United Arab Emirates (19 percent).

He added that the GJEPC is working on a three-pronged approach to drive industry growth through marketing and product development, policies and raw-materials sourcing.

"GJEPC has undertaken initiatives to capture a larger market share in regions such as Japan, CIS [Commonwealth of Independent States] and Eastern European nations. Regular buyer-seller meets, India's presence at gem and jewelry trade fairs in these nations, [and] media-exchange programs are being organized at frequent intervals," Kothari said.

The organization has been pushing for changes to India's tax laws, including a reduction on the import duty for cut and polished diamonds. Also in line with liberalizing the trade, the GJEPC has recommended elimination of the 1 percent VAT on gold exports for nominated agencies, which increases the cost of exports.

In terms of sourcing, Diamond India Limited (DIL) was formed to work with producer nations including Russia, Botswana and Canada.

The GJEPC is hosting an international diamond conference "Mines to Market 2007," on April 26 and 27 in Mumbai. Kothari said the event, the second diamond conference organized by the GJEPC, will include representatives including the heads of De Beers, Rio Tinto Diamonds, ABN Amro Bank NV, J.C. Penny and Alrosa. Ministry officials from Botswana, South Africa and the Democratic Republic of Congo are also set to participate on topics ranging from mining to retailing.

"It will set new directions for the industry and chart its future growth and capabilities," he said.
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