India's gems and jewellery sector has targeted an 11 percent rise in exports in the year to March 2005 from a year ago by promoting domestic designs and products, a leading trade body said on Tuesday.
The sector aims to export gems and jewellery worth $13.3 billion in 2004/05 from $12 billion in the previous year, Sanjay Kothari, chairman of the Gem and Jewellery Export Promotion Council, told reporters at a press conference.
Gems and jewellery exports from India, the world's largest diamond cutting and polishing centre, surged 51 percent to $1.84 billion in April-May from $1.22 billion in the same period a year ago.
"The jewellery sector will play an important role in achieving the target," Kothari said, adding that exports of gold jewellery would double in the coming years.
India accounts for about 60 percent of the global diamond market and six percent of the jewellery market in value terms.
Gold jewellers have identified exports as a focus area, setting up manufacturing units and design training centres to improve quality. The sector is also promoting Indian ornaments in the United States, Hong Kong and the Middle East, traders said.
Gold jewellery exports from India, the world's largest consumer and importer of the yellow metal, jumped 68 percent from a year earlier to $2.55 billion in the year to March 2004.
Nearly 40 percent of Indian gold jewellery exports go to the United States, which buys half the world's jewellery. Other major markets for jewellery and diamonds are Hong Kong and Belgium.
With about three million people employed in the precious metals sector, India accounts for more than six percent of the global jewellery market in value terms.
The council has also set up an institute for jewellery design to train new people and develop the skills of existing artisans.
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