India's gems and jewellery export up by 16%

India's gems and jewellery export grew by 16 per cent to $28.41 billion in 2009-10 due to revival in demand from major markets like the US and Europe.

During 2008-09, the export stood at $24.49 billion. "After undergoing challenging time in 2008-09, the Indian gems and jewellery rose like a phoenix and today preempting an upward trend due to our constant endeavour to sustain trade relation with the US and also expansion by penetrating other markets," Gems and Jewellery Export Promotion Council chairman Vasant Mehta said.

The sector was hit hard due to the global slowdown and witnessed a decline in exports since October 2008.

Cut and polished diamond export registered an increase of 20.11 per cent to $17.54 billion in 2009-10 compared to 14.6 billion in the 2008-09.

Besides, coloured gems stone export increased by 10.55 per cent to $286.65 million in 2009-10 compared to $259.29 million in the previous fiscal, while gold jewellery exports rose by 9.38 per cent to $9.42 billion during the period under review compared to $8.61 billion in 2008-09.

The US and EU together accounts for about 70 per cent of India's total gems and jewellery exports.

The sector contributed 13 per cent to the country's total merchandise export of about $186 billion during 2008-09.