Indian Jewelry » Gemstones Exports India

To encourage Indian exporters as well as those importing Indian gems and jewellery, the Gem & Jewellery Export Promotion Council selects the outstanding inland and overseas performers each year and awards them trophies at its prestigious annual function.

Added Value Earnings:
Since India depends largely on imports of rough diamonds, colored gemstones, pearls as well as platinum, gold and silver, its huge earnings from exports accrue from the added-value which now finished precious goods are bringing.

Piracy Led to Exports
History records the interesting fact that India is a country where not only humans but even the Gods love jewellery ! The Maharajas and wealthy chieftains presented fabulous gems and jewellery to the gods and goddesses. The temple treasure houses started attracting foreign invaders and pirates, who plundered even the temples. When this looted finest jewellery reached other countries it caused quite a stir. It attracted more pirates as well as legitimate precious dealers who were impressed by India's fine gems and jewellery. They bargained and struck trade deals here and so, India commenced gems and jewellery exports!

Worldwide Exports:
Cut and polished diamonds continue to contribute the bulk of total exports, accounting for nearly ninety-three per cent of the earnings from gems and jewellery. India exports gems and jewellery to nearly a hundred countries. Among the first ten buyers of India's gems and jewellery, the US has mostly remained at the top. Other major buyers are Belgium, Hong Kong, Japan, Switzerland, Netherlands, the U.K., France, Singapore and Germany.
India has also succeeded in reaching some new markets lately, notably Turkey, Trinidad and Tobago, Korea, Cyprus, Finland, Taiwan, Dubai andArmenia, etc.

The ten main overseas markets taken together, account for more than ninety per cent of the gems and jewellery exported by India. With the exception of Belgium and Hong Kong, which are transit rnarkets, India sells most gems and jewellery to the consuming centres, notably the US, the largest importer and consumer. In port-wise despatches, the diamond city of Mumbai has been retaining its top position by accounting for nearly ninety-four per cent of the exports of all items of gems and jewellery. The colored gemstones centre of Jaipur stands second. India's gems and jewellery exports contribute nearly twenty per cent to the country's total forex earnings.

Target Raised:
Achieving a 29+% upswing in 2004-05, India's gems and jewellery exports have reached an impressive total of US$ 15,677.13 million. Keeping in view this continuing uptrend, the sector has revised its exports target to US$ 20 billion by 2007.

Sales to Foreign Tourists:
Besides direct exports, India also sells locally a substantial quantity of gems and jewellery to foreign tourists. Jaipur continues to carry the cake in this field. Jewellery shops in many tourist hotels all over the country are also helping in boosting precious sales.