Indian Gem, Jewelry Exports Shoot up 22%

India’s Gem & Jewellery Export Promotion Council on Tuesday announced a 22 percent increase in gem and jewelry exports in January-December last year with figures showing total exports of $10.646 billion compared with $8.708 billion for the same period of 2002.

Sanjay Kothari, Council chairman, said the Indian industry was confident of achieving annual exports of $16 billion by 2007 and had appointed international consultants to study and recommend strategies to be adopted by the council for doubling exports.

Kothari said the sharp rise in exports last year was achieved despite the global economy being plagued by SARS, which affected sales to Southeast Asia and the war in Iraq, which undermined global confidence.

“Our vision for the future is broadly two-fold: doubling our gem and jewelry exports and attaining the position of being the foremost trading center in the world,” Kothari said.

The council aims to achieve those goals by streamlining the industry and promoting the training of workers, Kothari said.

He said the Indian industry had grown from modest origins in the 1960’s to become the world’s largest manufacturing center of cut and polished diamonds, contributing 60 Percent of the world’s supply in terms of value, 85 Percent in terms of caratage and 92 Percent in terms of pieces.

Kothari said India would have a completely revamped pavilion with around 55 exhibitors at the Basel World 2004 exhibition along with taking part in other major international exhibitions like JCK, Las Vegas, the Hong Kong Show, JA New York and others.

Meanwhile, the India International Jewellery Show on July 15-19, the annual trade exhibition organized by the Council, will be presented at its new venue in Mumbai, Kothari said.