India's gems and jewellery exports jumped by about 22% year-on-year to $2.86 billion in January on the back of healthy demand from Western markets like the US and Europe.
"We are witnessing good demand for gems and jewellery exports from the US, European and Gulf markets. In fact, we are expecting the jewellery exports to surpass the target of $30 billion in 2010-11," Gems and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain said.
The council also feels that the country's gems and jewellery exports may rise by 17.8% to $33 billion in the current fiscal vis-a-vis the last financial year.
The US, along with the 27-nation bloc European Union, accounts for over 60% of the country's total gems and jewellery exports.
Exports of cut and polished diamonds saw the maximum growth of 23.44% year-on-year in January, followed by gold jewellery (15.38%) and coloured gemstones (3.8%), as per the GJEPC data.
During the April, 2010-January, 2011, period, exports of precious items increased by 38.81% to $30.59 billion in comparison to the same period last fiscal.
India's jewellery exports came under pressure during the global financial crisis around two years ago, which saw a substantial drop in demand in Western markets.
To reduce dependence on the West, Indian exporters are also exploring new markets like South America and East Asia.
