Wednesday, 1st September 2004 (4216 views)

The Indian gems and jewellery industry is expected to achieve the Commerce Ministry's export target of $16 billion by the year 2007.

The optimism follows the announcement of special focus initiatives by the Foreign Trade Policy on Tuesday.

One of the country's largest foreign exchange earners, the sector exported $12 billion worth of diamonds and jewellery during the previous fiscal year, a growth of 31 per cent.

"We must compliment the government because all our major suggestions have been accepted," Sajay Kothari, chairman of the Gems and Jewellery Export Promotion Council, told Business Line.

"We believe it will be an easy task for us to achieve the export target set by the Commerce Ministry. Diamond exports have reached a saturation point. Now our major thrust is gold jewellery."

Director of the Bombay Bullion Association, Bhargav Vaidya, said: "About bullion trade, the inclusion of five-star trading houses along with other nominated agencies such as PEC and STC is really a welcome step.

"However, we are waiting for the notification about the permission given for import of gold of 18 carat and above under the replenishment scheme."

Nirav Bhansali, director of Classic Diamonds (India), said the policy had largely neutral affects on large players like Classic, but welcomed the reduction in transactional costs and increase in validity of licenses.

 

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