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Thursday, 22nd February 2007 (5526 views)

India witnessed a rise in the amount of gold jewellery exports during the ten months leading to January, highlighting increasing demand for gold ornaments from the country.

The Gem & Jewellery Export Promotion Council announced yesterday that jewellery exports in general out of India increased from $13 billion (£6.91 billion) to £13.5 billion during the ten months prior to last March.

Gold jewellery specifically saw a 37 per cent rise during the aforementioned period on the previous ten months but diamond sales were subject to a nine per cent fall.

Speaking of India's role in the world of jewellery, Shreyas K Doshi, managing director of Shrenuj & Company explained in an interview with CNBC-TV18 that he would like to see the country cut the duty paid on gold.

He said: "Make India a zero-duty country because we want to bring all the business from Antwerp, Israel, Dubai, etc, to India. So India has to become the gems and jewellery hub."

Mr Doshi also said that if the duty was removed in India he believed that the country would see its jewellery sales double in 2009.

 

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