SURAT (Commodity Online): Till last year, US was India’s biggest destination to export diamonds. With the recession setting in, demand for diamonds in US markets climbed down drastically.
This forced diamond polishing units in Surat to look for other destinations. This has resulted in Surat exporting more diamonds to United Arab Emirates (UAE) in 2008-09 than to the US.
Again, the demand for Made-in-India merchandise in the world’s largest economy continued to shrink — exports from India to the US dropped by 18.7% in the first six months of this financial year to $10.44 billion, compared with $12.84 billion in the same period last year.
Though Surat diamond units are trying to tap new markets like Latin America to keep export registers ringing, gaining a meaningful foothold is expected to take at least two years.
While the US was India’s biggest export destination until 2007-08, the emergence of oil-rich UAE as the biggest buyer of Indian goods is primarily because of a paradigm shift in the gems & jewellery business.
While the US withdrew benefits for Indian gems exporters under the Generalised System of Preferences regime last year, Dubai has emerged a major trading hub for diamonds polished in India. So, gems exports to the UAE more than doubled to over $10 billion in 2008-09, while exports to the US declined marginally to about $5 billion. Traditionally, the sector has had the highest share in India’s export basket to these two countries.
Wednesday, November 25, 2009
IAS OUR DREAM COMPLETED SEVEN YEARs ON AUGUST 13,2016
Blog Archive
-
▼
2009
(1009)
-
▼
November
(165)
- Dose (Tennis)
- Dose
- Indus River System
- Daily Dose (Miscellaneous)
- DOSE (MISCELLANEOUS)
- DOSE (MISCELLANEOUS)
- DOSE (MISCELLANEOUS)
- DOSE (MISCELLANEOUS)
- CRIPPS MISSION
- INDIVIDUAL SATYAGRAHA
- DOSE(MISCELLANEOUS)
- DOSE (MISCELLANEOUS)
- DOSE (MISCELLANEOUS)
- Virupaksha Temple
- AAJ KA DOSE (GEOGRAPHY)
- AAJ KA DOSE (ANCIENT HISTORY)--1
- BLA
- HDI
- India won't be deal-breaker at Copenhagen: Sarkozy
- गांधीनगर
- Primary colors
- A botanical garden is a place where plants, especi...
- LSD
- American flag
- Haryana first state to provide health insurance to...
- Black Beauty
- Bangladesh clamps down on beggars
- NSG to have permanent structures at new hubs
- Mumbai police holds parade
- Liberhan Commission
- Lala Lajpat Rai
- Ranjit Singh
- Man of Peace
- Compact Disk or CD
- MARCOS (India)
- Kalashnikov
- George Bernard Shaw
- UK: NATO to offer 5,000 troops for Afghanistan Br...
- India-US sign six MoUs on counter-terrorism
- Socialist Unity Centre of IndiaSocialist Unity Cen...
- Australian assistance to Magic Bus Mumbai
- India signs historic clean energy deal with US
- Lok Sabha passes rubber amendment bill
- India's manufacturing sector on revival path
- Tata’s Sanand plant to be operational by fiscal-end
- Kerry-Lugar Bill: Enhanced Partnership with Pakist...
- Indian diamonds shine in UAE
- Underground coal gasification
- Liberhan Commission
- Opening ceremony theme for Commonwealth Games fina...
- Obama recognises India as 'nuclear power' for the ...
- JARA HATKE POST
- Prominent Film Awards in India
- International Lenin Peace Prize
- Wall Street
- Chinese watch
- Hatch Act of 1939
- jungles of Goa
- Sariska
- Lowest Point on Earth
- A Persian romance
- Film Bazaar
- 40th International Film Festival of India
- US universities welcomed for joint ventures: PM
- FIH to trial umpire review system in CT
- Programmer
- Sistine Chapel ceiling
- Calorific value of fuels
- Scientists identify coldest place on earth
- IAF lost 36 aircraft, 32 lives in plane crashes si...
- KING OF FAUVES
- David Crockett
- Who was the richest man in the world in 1937?
- Timex Group USA, Inc.
- Research and Analysis Wing [RAW]
- Alok Bharadwaj conferred the CMO of the Yr 2009 award
- Author Akash Verma’s “It Happened That Night” laun...
- Agricultural productivity
- A look at the Defence Arena
- Door open for India to join IPI gas pipeline: Iran
- Tendulkar rises, Gambhir slips in ICC Test rankings
- N-deal, Pak, terror on agenda during PM-Obama meet
- Dual use technology key to ending chronic poverty: PM
- No replacement for US dollar: PM
- Reviving the Middle East peace process.
- Usain Bolt, Sanya Richards
- World Record Highways
- Which is heavier, gold or silver?
- Gaurav-Musa win Coffee Day Rally
- Volga RIVER
- European Union
- WPI
- Amendments to Article 243 T of the Constitution fo...
- Nirmal Gram Puraskar 2009
- Nizam-ul-Mulk
- Foreign Exchange Management Act
- Windows 7
- Japan to admit secret nuclear pact: Reports
- Hershey may launch $17 bn bid for Cadbury: Report
- Spain go top of world rankings
-
▼
November
(165)