At a press conference in Mumbai today, The Gem & Jewellery Export Promotion Council announced that the sector had notched total exports of US$ 43.139 billion in FY 2010-2011, an increase of 46.89 percent over last year’s exports of US$ 29.358 billion.

Cut and polished diamond exports for 2010-11 were worth US$ 28.251 billion, marking a whopping increase of 54.91 percent over last year’s figure of US$ 18.243 billion.

Gold jewellery exports this year amounted to US$12.885 billion, a growth of 33.27 percent over FY 2009-2010 exports of US$ 9.678 billion.

Colored Gemstone exports grew by 9.68 percent to reach US$ 314.54 million in 2010-2011 from US$ 286.78 million worth of exports of the previous year.

(During the question answer session at the end of the conference Rajiv Jain, chairman GJEPC, clarified that the high performance must also be seen in the context of increased cost of raw materials – both gold and diamonds of about 25-26 percent – and hence real overall increase would be in the region of 15-20 percent.)

The gems and jewellery sector as a whole contributes 16.67 percent to India’s total merchandise exports. Within the gems and jewellery basket, cut and polished diamonds have a share of 65.49 percent; Gold Jewellery accounts for 29.86 percent; while Colour Gemstones and others have a share of 4.69 percent.

In FY 2010-11 UAE emerged as the largest export destination with an intake of 47 percent of India’s gem and jewellery exports, followed by Hong Kong with 22 percent and USA with an 11 percent share.

Addressing the conference Rajiv Jain, Chairman, GJEPC expressed confidence that the sector would continue on its growth path this year as well. He added, “The time has come to establish India as a “Brand” to reckon with in the Gem and Jewellery sector. From a Trading Hub in Gems and Jewellery, the focus is now to take India a level up in the value chain and promote the sector as a Design Destination Globally, which is the focus of our new campaign."

In his presentation to the press Jain outlined the various activities that the Council would be taking up as well as provided a glimpse of the new corporate campaign which was launched at Baselworld 2011 a little earlier.

While the IIJS 2011 is slated to be held from the 4th to 8th August 2011, the IIJW would be held just prior to it, starting from July 31st. This year the GJEPC will focus on the markets of China, Russia, USA and Europe through their Buyer Seller Meets.