India’s gem and jewelry exports grew 46.89 percent in the
2010 fiscal year, according to a statement released April 19 by the Gem and
Jewellery Export Promotion Council, the industry-government joint group.

The performance of this sector is critical to India as it
contributes 16.67 percent to the country’s total exports, the statement said.

The growth in the sector was primarily driven by polished
diamonds, which registered a 54 percent gain. Gold jewelry and gemstone exports
also rose—33.27 percent and 9.68 percent, respectively.

The fiscal year also saw Dubai emerge as the largest export
destination with 47 percent of exports, followed by Hong Kong with 22 percent
and the U.S. with 11 percent.

“Today the industry is looking at a staggering growth of
46.67 percent, the most we have seen in the past three years,” Rajiv Jain, GJEPC
chairman, said in a statement. “Time has come to establish India as a ‘brand’
to reckon with in the gem and jewelry sector.”   

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