Friday, 29th February 2008 (3438 views)

Exports of gems and gold jewellery from India grew by over 20 per cent in the first half of 2008, according to reports.

According to Reuters, India's annual economic survey said the figures were up on 2007 thanks to cuts in import duties of rough jewels.

Overall, the news service said, exports of gold jewellery, diamonds and coloured gemstones made up 12 per cent of India's total merchandise exports in the 2006/2007 financial year.

India's finance minister, Palaniappan Chidambaram, who presented the survey to the country's parliament, said there had been a deceleration in the rate of growth for exports during 2006/2007.

In addition to its exports, India-Export says India is also the world's largest consumer of gold at 800 tonnes a year. According to a study for KPMG, India's domestic jewellery market is expected to grow to account for 13 per cent of worldwide demand by 2015.

India's gem and jewellery sectors currently directly and indirectly employ around 1.3 million people.

 

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