India's gem and jewellery exports is expected to clock a 30-35 per cent growth in FY11, a top industry official said today.
"We expect a growth of 30-35 per cent in gems and jewellery exports in the current financial year. We have already achieved a 61 per cent export growth till August 2010, following increased trading activities," the Gem and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain told PTI here.
The country's gems and jewellery exports stood at $29.33 billion in FY10.
The US is the biggest buyer with India exporting nearly 34 per cent of gems and jewellery to that country and the rest to others. Reports of the US economy rebounding is a good sign, Jain said.
"Our main focus is to boost exports of gems and jewellery and we see a good growth in the coming 5-year period," he said.
Commenting on initiatives to boost exports, Jain said GJEPC is organising the 3rd International Diamond Conference, Mines to Market on October 12-13, in Mumbai.
Since its inception, the conference has become an international platform for a significant exchange between all stakeholders of the diamond industry across the pipeline, receiving an enthusiastic worldwide response. "India today is surging forward to establish itself as the centre of global gems and jewellery trade. In manufacturing, we are the leading global player. On the domestic front there has been a proliferation of brands being offered to the Indian consumer," Jain said.
Today, the jewellery industry is set to take-off on a journey of exponential growth with increasingly open policies and a rapid development of special economic zones (SEZs) in different parts of the country.
"It's time we realise the potential of India as a "Global Brand" and I sincerely hope that Mines to Market will aim at taking stock of the diamond industry globally, and evolving a way forward for the future," GJEPC Vice-Chairman Sanjay Kothari said.
GJEPC is also organising the 37th annual awards function for the gems and jewellery industry on October 11 at Mumbai.
The Gem & Jewellery Export Promotion Council is an all-India apex body representing 5,500 members.