Despite the escalation of Rupee value against the US Dollar and the volatility in gold and oil prices, the Gem and Jewellery Export Promotion Council (GJEPC) is predicting India’s gem and jewellery exports to hike up by an 8% in the year ending March 31, 2008. The council aims to achieve exports worth $18.5 billion, as against $17.2 billion earned last year.

According to GJEPC chairman Sanjay Kothari, although exports to the US market, which accounts for nearly 40% of India’s gem trade exports was affected by the economic slowdown, Indian exporters were positively looking at reaching out to fresh markets like China, Russia and other East European countries like Ukraine, Georgia, Kazakhstan and Uzbekistan. India’s total export of gem and jewellery during April to October 2007 grew by 25% to amount to $11.94 billion.