Gems industry to grow 15-20%

The gems & jewellery (G&J) industry is expected to grow at a rate of 15-20 per cent this year, said Bakul Mehta, chairman, Gems & Jewellery Export Promotion Council.

"The industry faced a slowdown last year but this year we are expecting a growth rate of 15-20 per cent'', he said. He was speaking at the 23rd India International Jewellery Show, 2006, held in Mumbai.

Union textiles minister Shankarsinh Vaghela inaugurated the exhibition. He lauded the way the industry has grown over the years, from cottage to a full-fledged industry. The government would offer all possible help to the industry for attaining further growth internationally, he said.

Gem and jewellery sector is one of the fastest growing sectors in the Indian economy. Availability of skilled manpower, together with liberalised government policies has helped in the continuous growth of this sector, thereby making it a leading foreign exchange earner.

Gem and jewellery exports accounted for 14.81 per cent of the total exports during January-December 2005. In the same period, total gems and jewellery exports grew to $17 billion from $14.8 billion.