Gems and jewellery exports up 4.5% in Apr

India's gems and jewellery exports grew 4.5% year-on-year to $3.21 billion in April, on the back of rising demand from western markets like the US and Europe.

Exports during the same period of 2010-11 stood at $3.07 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.

The council is upbeat about the exports' growth in 2011-12.

"Exporters are witnessing good demand for their products from the US and European markets. We expect the exports to grow 10-15% in the current fiscal compared to the last year," GJEPC Chairman Rajiv Jain said.

During 2010-11, the gems and jewellery shipments grew 15.34% to $33.54 billion compared to the previous fiscal, according to the figures provided by the Commerce Ministry.

The US and Europe contribute about 60% to the country's gems and jewellery exports.

As per the GJEPC data, exports of coloured gemstones saw the maximum growth of 51% year-on-year in April, while cut and polished diamonds consignments grew 5.5%.

However, shipments of gold jewellery saw a negative growth of 15% in the first month of the current fiscal compared to the same period in the last fiscal.

"Rising prices of gold affected the demand for the commodity," Jain said.

To reduce dependence on the West, Indian exporters are also exploring new markets like South America and East Asia.