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India's gems and jewellery exports are likely to increase 15 per cent to $45 billion in the current financial year on revival in global demand, especially in the US, export promotion body Gems and Jewellery Export Promotion Council (GJEPC) said on Friday. The country is estimated to have exported $39 billion worth of gems and jewellery in financial year 2012-13, it said.
"We expect our exports to increase 15 per cent in the ongoing 2013-14 financial year," GJEPC Chairman Vipul Shah said on the sidelines of India Gems and Jewellery Fair 2013 here.
The demand in the US market is improving, but recovery in the European market would take some more time, he said.
The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong. Exporters are focusing on new markets like Latin America, Russia and Africa, he added.
Shah added that total exports in the last year fell 9.3 per cent in dollar terms mainly because of sluggish demand in the wake of global economic slowdown.
Gems and jewellery constitute 17 per cent of India's total exports and the sector employs 1.5 million people.
