Gem export body to focus on gold jewellery

Faced with a saturated diamond market globally, India's gem and jewellery export industry is promoting gold jewellery and coloured gemstones to offset the impact of the decline in its flagship segment, Sanjay Kothari, chairman, Gem and Jewellery Export Promotion Council, said.

"Diamond exports have taken a beating. Therefore, we are focussing on gold jewellery and coloured gemstones, where the growth potential is high," he said.

In April-September, India's exports of cut and polished diamonds were at Rs 24,121 crore, down 11.48 per cent from a year ago.

On the contrary, exports of gold jewellery rose 37 per cent to Rs 10,600 crore from a little over Rs 7700 crore for the same period a year ago.

Colour gemstones in April-September moved up to Rs 529 crore from Rs 475 crore a year ago. ''Potential for growth is now in studded gold jewellery and plain gold jewellery," Kothari said.

However, at the current juncture, jewellery demand worldwide has slowed owing to the volatility in gold prices, he said. In New York, spot gold prices have moved in the range of $560-600 an ounce in the last month.