According to Bloomberg, there has been a 45% increase in the exports of diamonds and jewelry from India in December 2009, compared to December 2008.
According to the Gem and Jewellery Export Promotion Council (GJEPC), the income from exports was US$1.89 billion, up from US$ 1.3 billion during the same period an year earlier. The GJEPC is the apex body of the gem and jewellery industry in India, involved with the promotion of Indian gem and jewellery products to the international market.
This news is welcomed by all the individuals involved in the gem and jewellery industry in India. The gem and jewellery sector in India was hit hard by the global recession and is on the path to recovery. Vasant Metha, the Chairman of the GJEPC said that he is expecting the exports to rise about 5% during the first quarter of 2010.
According to Metha, the major importers of gemstones and jewelry from India are the U.S, Middle East, Russia and Hong Kong.
There has also been a significant recovery in the prices of rough diamonds during the second half of 2009. Many companies worldwide are also expected to replenish inventories as the economy improves