Gem and jewellery exports seen growing 10% this fiscal

Exports of gems and jewellery are expected to grow 10-12 per cent this financial year on the back of a revival in demand in the US and other major markets.

Addressing a seminar on the “Emerging trends in financing of Indian diamond and jewellery sector”, Vipul Shah, Chairman, Gems and Jewellery Export Promotion Council (GJEPC), said jewellery exports have started moving up gradually and 2.9 per cent growth was witnessed in February this year.

“The overall fall in gems and jewellery exports have narrowed down to just 1.9 per cent in the first 11 months of the current financial year. We are confident of registering a growth of 10-12 per cent this fiscal,” he said.

Urging the banking sector to provide loans in dollars, Shah said the industry finds it difficult to manage the sharp volatility in the rupee-dollar movement. He added the quantum of the rupee loan also becomes inadequate.

While urging banks to consider lending to small exporters, GJEPC said it would work closely with banks and share information on its members regularly to tackle the issue of bad loans and disputes.

Shyamal Acharya, Deputy Managing Director, State Bank of India, said that the banking sector follows a set of norms while considering loan sanctions to the industry, and that no distinction was made between small and large exporters.

“The industry should work to become more transparent and adopt best corporate practices to attract better funding from banks. Besides, they should also put in place an efficient risk management system,” he said.

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