Jewellery topping diamonds for Indian export

Indian exports of gold jewellery have surged ahead of diamonds, reports the International Diamond Exchange (IDEX).

The Indian Gem & Jewellery Export Promotion Council (GJEPC) saw total gold jewellery exports in April and May up 43 per cent on the same period last year, according to IDEX.

In contrast, Indian exports of cut and polished diamonds fell 52 per cent compared with the same period of 2005.

Bakul Mehta, chairman of the GJEPC, told IDEX at the beginning of the surveyed period: "Industry has achieved remarkable growth in its previous years and now it has reached a stage where it needs to consolidate and focus on value addition and increasing the value chain."

"Industry marks the year 2005-06 as a 'year of consolidation' and looks forward to transform and establish itself as a trading hub for gems and jewellery globally."

Concerns over the strength of global demand for jewellery have been somewhat alleviated by the new, stronger figures.

Mr Mehta had warned that a slowdown in the US economy will trouble exports, but even the weakening dollar seems to have not stopped the recent strong gold exports from India.