India Gems & Jewelry Exports Soar 29%, Smashes Target

India's diamond and jewelry exports in the 2004-05 financial year smashed the country's official target of $13.3 billion as they soared close to 30 percent to $15.677 billion, the Gem & Jewellery Export Promotion Council (GJEPC) of India announced today (Wednesday).

Exports growth was a substantial 29.27 percent from the 2003-04 fiscal year total of $12.127 billion.

Exports of cut and polished diamonds soared 29.6 percent to $11.181 billion from $8.627 billion.

The jewelry sector enjoyed exceptional growth in exports of 42.23 percent, while colored gemstones exports grew a more modest 8.1 percent.

"Looking at the performance, it is evident that we are close to achieving the new set target of $20 billion by 2007," said Bakul Mehta, the Chairman of the GJEPC.

“There are issues pertaining to the industry such as transfer pricing, service tax, excise on branded jewelry, VAT and others that needs immediate attention by the Commerce and Industry Ministry. It is certainly not difficult to achieve the set target of $20 billion by 2007 provided these issues are attended to and resolved immediately," Mehta added.