India's Gem and Jewellery Export Promotion Council (GJEPC), summarizing India’s export performance for the Financial Year (FY) 2009-2010, has noted a 16% growth in the exports of the country’s gem and jewelry industry since the previous year, reports Diamond World.

The growth was primarily driven by cut and polished diamond exports which rose 20.11% in the financial year, with a value of US$17,542.29 million, up from US$14,605.27 million in the previous financial year.

India is now the United States’ largest jewelry supplier, with the US importing 25% of its jewelry from India, according to Diamond World.

Vasant Mehta, Chairman of the GJEPC, says, “After having undergone challenging times in FY2008-09, the Indian gem and jewelry industry rose like a phoenix and is today experiencing upward trend due to GJEPC’s constant endeavor to sustain trade relations with the US and also expand our horizon by penetrating other markets.”

“The time has come to establish India as a ‘brand’ to reckon with in the gem and jewelry sector. India’s gem and jewelry industry today enjoys a leadership position globally in manufacturing of diamonds, which is attributed to the in-house expertise of manufacturing and cutting edge craftsmanship. The world is eyeing India today for trade across various sectors. Now is the time we can work towards truly making India the world’s trading hub for gem and jewelry,” enthuses Mehta.