India's gems & jewellery exports to double

Stocks and commodities markets may be in turmoil; but trade projections for the gems and jewellery business in India continue to be bright.

According to a report from Federation of Indian Chamber of Commerce and Industry (FICCI), India's gems and jewellery export industry will double in the next seven years.

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

The apex industry body said the 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.

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.

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

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.