December 2010 saw an 8% drop in India's exports of gold jewelry while exports of polished diamonds and total gem and jewelry exports rose considerably, Commodity Online reports.

According to preliminary data from the country's Gem and Jewellery Exporters Association, India exported $498 million worth of gold jewelry in December, compared to $541.63 million in the corresponding month of 2009.

However, the county's total exports of gemstones and jewelry for December 2010 stood at $3.3 billion – more than 70% higher than the $1.93 billion exported in December 2009.

December 2010 also saw a 91.48% surge in India's exports of cut and polished diamonds - $2.49 billion compared to $1.3 billion in December 2009. Exports of colored gemstones were also up, albeit more modestly, and comprised $17.46 million compared to $15.12 million a year ago.