Gems, jewellery exports likely to increase 10%: GJEPC

India’s gem and jewellery exports in 2010-11 (April-March) are likely to rise 10 per cent on year on improved demand outlook in US and China, according to Vasant Mehta, chairman, Gem and Jewellery Export Promotion Council (GJEPC).

“I expect the (gem & jewellery) exports to go up at least 10 per cent from last year on rising enquiries from the US and China,” Mehta said addressing the media at the inauguration of India International Jewellery Show-2010 here. In 2009-10, India exported $28.41 billion worth gem and jewellery, up 16 per cent from the previous year.

“It is very early to say how US will perform, but it is coming up step-by-step and there are indications that demand from the world’s largest consumer will go up by at least 10 per cent from last year,” Mehta said. He said that Chinese market was also looking promising and demand for Indian jewellery from West Asia was also on the rise reviving hopes of higher exports for the industry.

Mehta added that the Indian participants received good response in series of buyers-seller meets organised by GJEPC with Chinese counterparts in the past few months.

Gems and jewellery industry, which is one of the top foreign exchange earners in the country, accounts for 17-23 per cent of the total earnings, he said.