India's gems and jewellery exports are likely to cross the targeted $30 billion for the current fiscal due to a healthy demand from the Western markets, such as the United States and Europe.
The country's gems and jewellery exports are expected to rise 17.8 per cent to $33 billion in 2010-11, said Gems and Jewellery Export Promotion Council Chairman Rajiv Jain. The council had set up a target of $30 billion in 2010-11 against about $28 billion in the last fiscal.
"We were left with lots of stocks last fiscal as many buyers delayed import plans, and some even cancelled the deals, due to the economic crisis. As the situation improved this fiscal, we could use those stocks for exports and cater to the rising demand easily," he said.
The US and Europe contribute about 60 per cent to India's [ Images ] gems and jewellery exports. During April-December 2010-11, the country's exports increased by 41 per cent to $27.5 billion compared to the same period last fiscal. The exporters are expecting a robust global demand in the next fiscal, driving exports up 12 per cent.
India's gems and jewellery exports came under pressure when the global credit crunch, around two years ago, squeezed demand in the Western markets. To reduce dependence on the West, Indian exporters are also exploring new markets, such as South America and East Asia.