MUMBAI – India's gems and jewelry exports jumped 47% last financial year during March because of higher prices and improved demand, the Gem and Jewellery Export support Council said Tuesday.
The country exported gems and jewelry value $43.1 billion in the year ended March 31, compared with $29.4 billion in 2009-10.
"India today is looked leading as one of the leading players in the global arena. We believe that this growth path will maintain in the coming year as well," said Rajiv Jain, he is an chairman of the trade body.
He expects gems and jewelry exports to increase 15%-20% in 2011-12.
Growth in exports during 2010-11 was mainly driven by shipments of cut and polished diamonds, which enlarged 55% to $28.3 billion. Exports of gold jewelry counting medallions and coins climbed 33% to $12.9 billion.
The United Arab Emirates was the biggest export destination, accounting for 47% of the total shipments, followed by Hong Kong at 22% and the U.S. at 11%.
Mr. Jain said, the government board, which is the largest trade body representing the trade in India, is targeting major markets such as China, Russia, the U.S. and Europe for buyer seller meetings to increase exports.
The council will now focus on promoting India as a design destination globally, quite than just a trading hub.
Gem and jewelry exports account for nearly 17% of India's annual product exports.