India Gems And Jewelry Exports Rise 17% In April-July

India’s total exports of gems and jewelry in the April-July quarter rose 17.2 percent to $4.784 billion, according to provisional figures released by the Gems and Jewellery Export Promotion Council (GJEPC).

Net exports for the first quarter of the fiscal year showed a 15.9 percent jump to $4.625 billion from $3.991 billion. Exports of cut and polished exports jumped 20 percent to $3.740 billion from $3.116 billion.

Meanwhile, colored gemstone exports showed a more moderate rise – up 5.5 percent to $65.2 million from $61.8 million a year earlier.

The only sector showing a decline in exports was gold jewelry, which inched down 0.5 percent to $774.8 million from $778.5 million a year before.

Bakul Mehta, Chairman of the GJEPC, has forecast India's gems and jewelry exports will grow by 15 percent to $18 billion during the current fiscal year from $15.67 billion in the 2004-05 fiscal year, boosted by strong foreign demand. Exports grew by 12 percent in the first quarter (April-June) of the current fiscal year.

Exports of $18 billion this year would put India firmly on course to reach its previously announced target of $20 billion by 2007 ahead of time.