The Gem & Jewellery Export Promotion Council (GJEPC) today announced the annual performance for the Indian Gem & Jewellery sector for the FY2013-14. The country’s gem and jewellery sector has contributed $ 34746.90 million to India's foreign exchange earnings, with a decline of 11 per cent as compared to the last year figures.

The FY 2013- 14 saw an increase of 12.65 per cent in export of cut and polished diamonds with figures of $ 19635 million. The import of rough diamonds saw rise of 11.98 per cent with $16716 million indicating an increase in cutting, polishing and other manufacturing activities in India. The export of gold jewellery and gold medallions together for the period April 2013-14 stood at $11045.92 million which shows a drop of 39.50 per cent. This was mainly due to the non-availability of the gold limiting the extent of trade for many of the Indian players. The average price for exported gold was lower than previous year adding to the woes of the industry that took a hit and closed at a negative of 11 per cent. The coloured gemstones export also dropped by 20.10 percent in this year with $519 million. The silver jewellery exports had a significant increase by 58.57 per cent with figures of $1460 million. Key exporting destinations for gems and jewellery in 2013-14 were UAE with 35 per cent of exports valued at $ 12195.34 followed by Hong Kong that stood at 28 per cent with value of $9790.45 and USA at 14 per cent with export value of $4948.92.

Commenting on the financial year results of the Gems & Jewellery Sector, Vipul Shah, Chairman of GJEPC said, “There has been a robust growth in the diamond sector. The market is bullish and the US and Europe markets have also improved. Although, there has been a decline by 11 per cent in the overall performance, there are numerous opportunities for growth and improvement. We are looking at new ventures, new markets such as Middle East, Russia, China and various initiatives to promote the industry.” Shah added, “The outlook for 2014-15 looks positive in the overall gems & jewellery exports in the current fiscal. The MoU being signed with Russian diamond mining firm ALROSA to share trade and statistical data between the two countries will help in strengthening trade relations between the two countries. Some of our other initiatives for the year 2014-15 include the India - China Gemstones Buyer - Seller Meet in Jaipur, India – USA Buyer – Seller Meet to be hosted for the first time in Chicago, The 2nd edition of the global Gem & Jewellery fair in Dubai this November and many more.”

Commenting on the outlook for FY 2014-2015, an optimistic Vice Chairman, Pankaj Parekh said, “The prospects for 2014-15 looks bright for Jewellery, especially silver jewellry, as the 80- 20 scheme might get diluted, import duty is expected to be rationalized as the RBI has already allowed 4 more banks to operate in imported gold trading. There is also a huge demand in the international market, so we expect a boom in the silver jewellery exports with at least 10 % more exports compared to 2013-14.”