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Tuesday, 27th April 2004 (6815 views)

Gems and jewellery exports from India could reach as much as $24 billion by 2007, according to new figures.<BR/><BR/>The promoters of a gems and jewellery special economic zone (SEZ) in Hazira point out that gems and jewellery exports from the country registered an impressive 31 per cent increase during 2003-04 to $11.9 billion, up from $9.1 billion the previous fiscal year. <BR/><BR/>As a percentage of the country's total exports, gems and jewellery exports account for around 17 per cent.<BR/>The Gems and Jewellery Export Promotion Council (GJEPC) has set a target of $16 billion for gems and jewellery exports by 2007.<BR/><BR/>Nanubahi Vanani, president of the Surat Diamond Association, told Business Line that the figures were no exaggeration. Mr Vanani was the principal mover behind the Gujarat Hira Bourse (GHB). The GHB joined forces with the Union and Gujarat governments to set up a large, exclusive gem and jewellery park in Hazira, which is expected to be up and running by 2006. <BR/><BR/>"The park is expected to be up and running in the next two years' time and has the capacity to do business worth Rs 5,000 crore. There is no doubt in our mind that the current revenue from this sector, which now stands at $11.9 billion, would be doubled in the next three years," Mr Vanani said. <BR/><BR/>Mr Vanani stressed that the speedy commissioning of the Surat airport is vital to the park's development. Once completed the Hazira development will be the biggest diamond park of its kind, Sify.com reports.

 

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