Mumbai: Gems and jewellery exports are likely to witness a growth of about 10 per cent this fiscal due to increasing demand in the US and Europe, according to the industry's apex trade promotion body.
"We are seeing the markets improve slowly, especially US and Europe to some extent. Looking at the growth in demand in these markets, we are expecting close to 10 per cent growth in the gems and jewellery exports led by polished diamonds," Gem Jewellery Export Promotion Council (GJEPC) Chairman Mr. Praveenshankar Pandya said,
Total exports witnessed 28.26 per cent growth at Rs 1.44 lakh crore during April-December 2016, compared to Rs 1.12 lakh crore in the corresponding period of FY15, according to government data.
Cut and polished diamonds saw flat growth at Rs 13,499.76 crore in the period, compared to Rs 13,537.21 crore in the same period of the previous financial year.
Pandya said all eyes are set on the US President Mr. Donald Trump, who is expected to boost the American economy.
"When the economy improves, there are more jobs and a rise in demand for jewellery. It is already a big market, which is expected to be even bigger," he said.
