Gem and jewelry exports from India for the month of July grew 40.4 percent, year-over-year, to $ 2.34 billion, the Gem and Jewellery Export Promotion Council of India said in statement Tuesday.
Exports of cut and polished diamonds in July increased 36.8 percent year-over-year to $1.68. Gold jewelry exports for the month grew 25.2 percent to $454.87 million. And colored gemstone exports grew at a more modest pace of 5.3 percent to $19.6 million.
How much of that jewelry is being exported to the U.S. wasn’t revealed in the GJEPC statement. The U.S. has been by far the largest purchaser of jewelry from India. However, in recent years because of the economic recession in the U.S., jewelry, diamond and gem manufacturers in India have been working harder to gain inroads in domestic and regional markets.