The signs of global economic recovery have given new life to the Indian diamond processing industry, with exports orders rising sharply by 20 percent as retailers gear up for the Christmas and New Year holidays, according to Business Standard.
Consumer demand for precious jewelry is signaling a rebound in the economy and supporting a revival for a key industry in India’s export market.
Export orders began to take off in August and are projected to continue rising till the end of October. A senior official from one of India’s largest jewelry exporters stated: “We have regained last year’s lost ground. We cannot say whether the entire industry has gained the same rate of growth. But, there is a general consensus that the Indian diamond processing industry has achieved the level of exports orders in 2007.”
Data complied by the Gems & Jewellery Export Promotion Council (GJEPC) shows that jewelry exports has turned around to positive territory, with shipments witnessing a marginal growth of 2.26 percent in September compared to the sharp decline of over 30 percent early this year.
Gems and jewelry exports constitute about 13 percent of India’s merchandise export basket. They recorded an export turnover of US$2,566 million in September 2009, as compared to US$2,509 million in the same month last year.
This article was written for the India business news website, India-briefing.com. The site is contributed to by the experts at Dezan Shira & Associates, who maintain accountants in Mumbai and Delhi, as well as accountants in Hong Kong and other Chinese cities.
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