Jewellery exports up on rising gold prices

Helped by a sharp rise in gold prices, India's gems and jewellery exports grew 22 per cent in September to $4.3 billion.

In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.

Prices of the yellow metal and diamonds have increased between 16 and 18 per cent in the last one year.

India imports gold and rough diamonds in large quantities and re-exports the value-added items like jewellery.

The value of exports is showing an increase despite sluggish demand in the US and European markets, largely because of rise in raw-material

cost.

"The latest exports figures are reflective of an increase in gold and diamond prices," GJEPC Chairman Rajiv Jain said.

Exporters are also trying to tap new markets in countries like Latin America, Russia and Africa, Jain added.

As per the GJEPC data, exports of silver jewellery saw the maximum growth of 71.2 per cent, year-on-year, in September and gold medallions and coins 61 per cent.

Gold jewellery exports were up 58 per cent and coloured gemstones by 43.3 per cent.

In the first six months of this fiscal, the cumulative gems and jewellery exports jumped 17.4 per cent to $22.5 billion.