India’s gems and jewellery exports up 3.46%

India’s gems and jewellery exports increased 3.46% to US $ 26.089 Billion (Rs 1.616 Trillion) during the period April to November 2013-14, state news agency Press Information Bureau (PIB) reports.Gems and jewellery exports reached US $25.23 Billion (Rs.1.562 Trillion) in 2012-13, accounting for around 13% of India’s total merchandise exports.The industry is important for its culture as well as for the country’s economy. It contributed 16.67% to India’s total merchandise exports in the fiscal year. Gems and Jewellery market was US $30.1 Billion in 2011, it is expected to reach US $45 Billion by 2015.India is the world’s largest consumer of gold, accounting for about 20% of the total world gold consumption. Gold jewellery constitutes around 80% of the Indian jewellery market. The third quarter of 2013 witnessed a 44.5% increase in recycled gold on the corresponding period of 2012, reaching 61.3 tonne from 34 tonne, according to data from the World Gold Council (WGC), the PIB report said.