Gem and jewellery sector sparkles in 2007

The export performance of the gem and jewellery sector was high in 2007 despite forecaster spelling gloom and doom as they looked towards the critical, end of the year holiday season.

The gem and jewellery industry was successful in earning Rs. 51.9 billion in 2007 and it was a 16 per cent growth compared with previous year's figure of Rs. 44.9 billion.

Gem exports equalled Rs. 10.4 billion 6 per cent more than the amount reported in 2006.

The rise in jewellery exports has been even more significant, which recorded Rs. 2.89 billion, 17 per cent more than in 2006. Diamond re-exports earned Rs. 37.77 billion registering a 19 per cent growth over the figure of 2006 which stood at Rs. 31.7 billion.

The Government having realised the importance of this sector has created a fiscal regime through Budget proposals for 2008, that recognise the unique nature of the gem and jewellery industry.