MUMBAI: India's gems & jewellery exports are expected to rise up to 12-15 per cent this fiscal year as the US and Japanese markets will bounce back probably with 5 per cent growth while China’s growth will remain constant at 10 per cent, Gem & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah informed media.
 
Other regulatory measures such as start of rough diamonds tenders, introduction of consignment imports of diamond and auctions in India are to be proposed this year, he said.
 
Shah added that it will also include establishment of an agency looking into offering norms for banks to the diamond and jewellery sector in addition to commissioning of a study on Export Credit Insurance to Banks (ECIB) roofed by Export Credit Guarantee Corporation of India (ECGC) to banks.
 
According to the Chairman, exports in FY13 were significantly affected by up to 35-40 per cent because of European crisis. However, financial year 2012-13 finished positively with diamond imports going up.
 
Manufacturing activities increased by 33 per cent while import of cut and polished diamond drop of 61.45 per cent this year.