Gems and Jewellery Export Promotion Council (GJEPC), a leading export promotion body in the country, has said that it expects the export of gems and jewellery from the country to rise 15 per cent to US$ 45 billion during the financial year 2014.

GJEPC estimates showed that India exported precious gems and jewellery worth US$ 39 billion to various parts of the world during the financial year 2012-2013. Vipul Shah, the chairman of the GJEPC said that the country's exports are expected to rise 15 per cent. He was speaking on the side-lines of India Gems and Jewellery Fair 2013.

He said that the growth in the export market is expected as the demand from the US market has revived in recent quarters. Shah pointed out that the demand in the European markets will take some time to recover. India's prime export destinations for gems and jewellery include Europe, the US, the UAE and Hong Kong. The company said that the exporters are increasingly focusing on new markets like Latin America, Russia and Africa.

GJEPC noted that the total value of exports fell9.3 per cent in dollar terms due to low demand in the wake of global economic slowdown.