India's gems and jewellery exports have increased by 20.88 per cent in dollar value and 22.90 per cent in rupee terms for the year 2002-03, according to the provisional figures released by the Gems and Jewellery Export Promotion Council.

Exports this year were recorded at $9.10 billion or Rs 43,939.77 crore (Rs 439.397 billion) as against $7.53 billion or Rs 35,753 crore (Rs 357.53 billion) from last year.

"The exports recorded this year has far surpassed even our revised target of US $ 8.7 billion given," said Sanjay Kothari, chairman of GJEPC.

For the year ending 31st March 2002, exports of gems and jewellery had fallen by a little over 3 per cent.

GJEPC is anticipating that in the current year's exports, gems and jewellery will contribute about 16 to 17 per cent in the total exports of the country, exceeding any one sector though the total export figures have not been made available.

Exports of cut and polished diamonds, which constituted 80 per cent of the total gem and jewellery exports, has increased by 19.06 per cent over last year at $7.110 billion as against $5.971 billion from last year.

In the world market, India has a market share of 60 per cent in value terms from the diamond trade and wants to grow their market size with bigger and better quality diamonds, said Kothari.

In gold jewellery, exports grew from $1,512.49 million against $1.166 billion from last year, up by 29.62 per cent.

Exports of coloured gemstones has also gone up by a marginal 5.08 per cent. Exports rose to $191.97 million from $182.69 million last year.

"We need to improve our market share in this segment. Currently our market share worldwide is about 5 to 6 per cent. Last year this segment got affected due to a bad US market and with strong competition from Bangkok and Sri Lanka," said Kothari.

While comparing net exports with counties who are in direct competition with India for the same business, India has exported 20 per cent more than Israel and Belgium at $6.354 billion for the period of January to December 2002 against $2.820 billion and $803 million for Israel and Belgium, respectively.

For the first quarter of 2003, India has exported $1.956 billion against $1.830 billion from the same quarter last year, incremental business of 6.92 per cent.