| "Generally, 45 days are required to execute export orders. During this period, the volatile rupee may change the entire market scenario. Therefore, quoting in the rupee is advisable in buyers' market," said an industry expert. |
| Sanjay Kothari, chairman, Gems & Jewellery Exports Promotion Council (GJEPC), the premier body for the promotion of jewellery exports, has, however, rejected any such possibilities. The loss, if any, due to the rupee appreciation needed to be compensated with government sops and other avenues, he added. |
| Although the quotation in rupee is not workable with the existing clients, new buyers can be convinced. |
| "Big importers freeze the gold price for a certain period, irrespective of the movement of the yellow metal. Hence, the rupee quotation will not work with them. But, small- and medium-size importers can be convinced in this regard," one of the leading Indian exporters said. |
| Meanwhile, the gems and jewellery exports in the first half of the financial year increased by 27 per cent to touch $9.4 billion from $7.4 billion in the corresponding period last year. The growth came at a time when exporters has been complaining about reduced margins and weak export performance due to the strengthening rupee. |
| The GJEPC has set an exports target of $18.5 billion for 2007-08, an increase of around 8 per cent against the previous year's figures. |
| In order to keep the exports momentum going, GJEPC hosted the first "Indo-US Jewellery Business Development Conference" for leading US jewellery retailers, where 21 leading domestic manufacturers took part and discussed business possibilities with 15 visiting US retailers. Sources said that many of the US retailers visited India for the first time and were satisfied with the local cuts, designs and polishes. |
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