Exports of gems and jewellry increased 22.15 per cent in January-December 2002 with total exports rising to $8,709.15 million or Rs 42,140 crore (Rs 421.4 billion) from $ 7,129.99 million or Rs 33,425.65 crore (Rs 334.26 billion) in the previous calender year 2001. This is despite the slow down in the US economy and a weak dollar.

India's share in the global diamond cutting and polishing industry has increased to 60 per cent from 55 per cent. Diamond exports saw growth of over 20 per cent in dollar terms and 25 per cent in rupees. Exports touched $ 6,894.53 million or Rs 33,359.38 crore (Rs 333.59 billion) from $5,688.53 million or Rs 26,689.51 crore (Rs 266.89 billion) in January-December 2001.

Volumes increased to 380.96 million carats in January-December 2002 from 307.86 million carats in January-December 2001. India is ranked third in net export of cut and polished diamonds after Israel and Belgium with 60 per cent market share.

Exports of gold jewellry also increased by 32.88 per cent in dollar terms and 37 per cent in rupees in the last year. Exports totalled $1,375 miilion or Rs 6,656.57 crore (Rs 66.57 billion), up from $ 1,035 million or Rs Rs 4,858.90 crore (Rs 48.59 billion) in January-December 2001.

Coloured gemstone exports fell 2.74 per cent in dollar terms and 0.49 per cent in rupee termsfrom the previous year, to $ 185.52 million or Rs 896.99 crore (Rs 8.97 billion) from $ 190.75 million or Rs 892.61 crore (Rs 8.93 billion).

Gems and Jewellry Export Promotion Council has been appointed nodal agency by ministry of commerce and industry to certify diamonds that pass through the imports and exports in this country.

The council will be using the Kimberly Process Certificate, launched in Switzerland, eliminate entry of conflict diamonds. Parcels entering the country will be certified by GJEPC based on letter of comfort or KP certificate issued by the diamond exporting country.