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Wednesday, 11th June 2008 (1343 views)

The gems and jewellery export industry is set to double in the next seven years, according to industry body the Federation of Indian Chamber of Commerce and Industry (FICCI).

Export from the industry was around $17.1 billon (£8.7 billion) in 2007. By 2015, it is expected to rise to $37 billion.

This increase will be caused by "a multi-pronged approach like transformation of the sector from family-owned to a professionally-managed business, innovation in design, focus on new markets and use of advanced technologies", according to the FICCI.

The FICCI also recommended that exporters be allowed to import gold freely.

Gold jewellery accounted for 30.47 per cent of total exports, beaten by diamonds with 64 per cent.

America, Hong Kong and the United Arab Emirates accounted for over 70 per cent of the total exports in 2007, found the FICCI.

It has been predicted that China may become the world's number one gold producer for 2007, pushing South Africa into second place, according to mining consultants Surbiton Associates.

 

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