India's Gems and Jewelry Export Council (GJEPC) has announced that its targets for exports this fiscal year is $18.5 billion, despite the appreciation of the rupee.

At a press conference, GJEPC President Sanjay Kothari noted that last year the export of gems and jewelry from India reached $17.2 billion dollars. He added that despite the fact that various factors, such as the rupee appreciation, volatility in gold and oil prices and the slowdown in the US economy, have impacted on the sale of gems and jewelry, he believes these exports will rise.

During the months of April to October this year exports in this sector reached $11.9 billion.

Kothari noted that Indian exporters are currently seeking new markets in Russia, the Ukraine, Georgia and other locations.