The Gem and Jewellery Export Promotion Council (GJEPC) has culminated India’s annual export performance for the financial year 2009-2010, noting a growth in the exports of the country’s gem and jewellery industry since the previous year or the period of the economic slowdown.

Today India is USA’s largest jewellery supplier, with USA importing 25 percent of its Jewellery from India. India's diamond share in the global market also witnessed an increase in this period in value terms, increasing from 60 percent to 70 percent. Mr. Vasant Mehta, Chairman, GJEPC said, “After having undergone challenging times in FY 2008-09, the Indian Gem and Jewellery industry rose like a phoenix and is today experiencing upward trend due to GJEPC’s constant endeavor to sustain trade relations with USA and also expand our horizon by penetrating other markets.”

“Time has come to establish India as a ‘BRAND’ to reckon with in the Gem & Jewellery sector. Indian Gem & Jewellery Industry today enjoys a leadership position globally in manufacturing of diamonds, which is attributed to the in-house expertise of manufacturing and cutting edge craftsmanship. The world is eyeing India today for trade across various sectors. Now is the time we can work towards truly making India the World’s trading hub for Gem & Jewellery.” Mr. Mehta added.

One of India’s leading foreign exchange earning sectors over the year has witnessed a considerable growth in the volume of exports which were pegged at US$ 28 billion. Exports of the gem and jewellery sector amounted to US$24495.58 million in FY 2009-2010, rising by 16 percent from exports worth US$ 28414.64 million in the FY 2008-2009. This industry contributes 13 percent to India’s total merchandise exports.

The 16 percent growth in the sector was primarily driven by cut and polished diamond exports which rose 20.11 percent in FY 2009-10, valuing US$ 17542.29 million from US$ 14605.27 million in FY 2008-09. In the entire pie of gem and jewellery exports for FY’10, cut & polished diamonds accounted for 61.74 percent, gold jewellery comprising of 31.17 percent and coloured gemstones accounted 5.09 percent.

Gold jewellery exports rose 9.38 percent in FY 2009-10, from US$ 8616.43 million in FY 2008-2009 to US$ 9424.33 million in 2009-2010. Coloured gemstone exports increased 10.55 percent, from US$ 259.29 million in 2008-09 to US$ 286.65 million in 2009-2010.