Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Jaipur Gemstone industry eyes markets in Europe, South Africa
BackBack

Jaipur Gemstone industry eyes markets in Europe, South Africa

Jaipur Gemstone industry eyes markets in Europe, South Africa

Premium

By PTI

Jaipur: Stung by falling demand from the US, the Rs2,000-crore gemstone industry here is planning to shift its focus to Latin American, European and South African markets.

The US accounts for over 50% of coloured stone exports, said Gem and Jewellery Export Promotion Council Vice-Chairman Rajeev Jain, adding over-dependence on a market is hazardous for the gemstone industry, which is largely export-based.

Jain is also Chairman of Sambhav Gems.

“We are planning to explore export opportunities in emerging markets of Europe, Latin America and South Africa," Jain said.

Jaipur, which claims 90% of the total coloured gemstone exports, has witnessed a large-scale decline in orders in the last eight months.

The industry is also betting big on domestic market to push the sale of stone-studded gold jewellery. Big exporters are now focusing on stone-studded jewellery in the domestic market to compensate their losses incurred due to slowdown in exports, he said.

The country’s gems and jewellery exports stood at $20.88 billion for 2007-08, against $17.08 billion in the year-ago period, up by 22.27%.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 05 Jan 2009, 06:56 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie