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Gems & jewellery sector battles odds to shine bright

May '08
Even after the upheaval in major economies of the world, gems and jewellery sector of the nation observed a considerable growth in its exports earnings last year.

According to Gems and Jewellery Export Promotion Council (GJEPC), India earned nearly US $20.9 billion against $17.1 billion, through exports during financial year 2007-08, an increase of 22.27 percent when compared to previous year.

In an exclusive interview with Fibre2fashion, Sanjay Kothari, Chairman, GJEPC stated, “This year, exports are high due to trade with US and Hong Kong, however, the jewellery production has not risen. Even though, trade in domestic market is satisfactory, exporters are waiting for stabilization in US economy, as it is one of the most important markets.

“Indian exporters are anticipating huge orders from US consumers in the month December due to Christmas which increases the demand significantly.

Last fiscal, United States, Hong Kong and UAE remained the biggest consumers of Indian gems and jewellery, with US and Hong Kong share reaching 26 percent each and UAE followed at 21 percent.

On the other hand, Southern zone observed a decline, as total exports from South India reached around $1,458 million, a reduction of 10.7 percent when compared with 2006-07. While export of cut and polished diamond from the region saw a boost of 148.54 percent over last year at $102.1 million, of gold jewellery dropped by 17.41 percent.

Experts believe that, one of the major challenges faced by the Southern sector is lack of professional gems and jewellery training institutes. Another reason is lack of gold supply as the authorized agencies are not in position to cater the demand.

Even, the domestic sales seem to have taken a hit. Although sales were down to nearly 48.99 tons of gold this year during Akshaya Tritiya, against 55 tons in 2007, there was a growth of 19 percent in value terms.

Fibre2fashion News Desk - India

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