MUMBAI: India's gems and jewellery exports are likely to grow by up to 15 per cent this fiscal as the US and Japanese markets are expected to bounce back while China will remain stable, GJEPC today said.
"This fiscal year looks positive with an estimated growth of 12-15 per cent in the overall gems & jewellery exports. The US and Japanese jewellery markets will bounce back with an estimated 5 per cent growth while China will remain stable at 10 per cent growth," Gem & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah told reporters.
Other proposals in the offing this year are regulatory measures like introduction of consignment imports of diamonds, start of rough diamonds tenders and auctions in India, he said.
It also included formation of committee for looking into lending norms for banks to the diamond and jewellery sector as well as commissioning of a study on Export CreditInsurance to Banks (ECIB) covered by Export Credit Guarantee Corporation of India (ECGC) to banks, Shah added.
In FY13, the overall gems and jewellery exports marginally rose to Rs 2,12,638.89 crore compared to Rs 2,06,080.09 crore in FY12.
"The exports were drastically affected by up to 35-40 per cent due to the European crisis. However, the US, Japanese markets remained stable," Shah said.
The financial year 2012-13 ended on a positive note with imports of rough diamonds going up by 12.65 per cent indicating an increase in cutting, polishing and other manufacturing activities in India.
The industry also saw an increase in manufacturing activities indicated by the 33 per cent growth in the export of gold jewellery contributing significantly to India's foreign exchangeearnings and supported balance of payments.
The year also witnessed a significant drop of 61.45 per cent in the import of cut and polished diamonds indicating a huge cut in India's foreign exchange spending, thereby reducing the country's Current Account Deficit.