Mumbai: Despite demonetisation in India, the Gem and Jewellery Export Promotion Council (GJEPC), apex body of diamond industry, is expecting that the polished diamond exports will increase by 10-15 per cent to the United States under the presidency of Donald Trump.
Praveen Shanker Pandya, chairman of GJEPC said, “It is believed that with the policy drafted by the US President-elect Donald Trump, more jobs would be created in America. This will indirectly translate into more spending by the Americans on luxury goods including diamond jewellery, which is the most preferred commodity for the American youth.”
Pandya added, “America is a big market for diamond jewellery in the world as it accounts for more than 40 per cent of the world share. After the global economic slowdown in 2008, the market took a beating, but now it is firming up again.”
India’s polished diamond exports in the last eight months till November have jumped by almost 12 per cent to $15.4 billion, while the rough imports also surged. This time around, the orders for Christmas from the US doubled compared to the last year. However, there is a big opportunity waiting for the Indian diamantaires from the Americans.