Jewelry exports show growth of 111pc

KARACHI (Nida Siddiqui): Jewelry exports witnessed a smart growth of 111 percent during last seven months of the current fiscal, ARY NEWS reported here Wednesday.

Exporters said that 277 million dollars worth jewelry was exported to different countries during July 2009-Jan2010, which is much higher than the exports of the same period last year.

Similarly, 2600kgs of gold worth $846 million was imported during the same period to augment the demand-supply gap, showing a colossal growth of 550 percent.

“Demand of gold is seen rising in the international market, following the economies are being dragged out of the worst economic recession after World War II,” an exporter commented.

“People of different countries are now in a better financial position and they have started buying luxuries besides necessities,” he elaborated.

“Consistent fluctuation in international crude has forced investors to hedge their positions in commodities, consequently the commodity market looks busy these days,” said an analyst.

“People and fund managers are looking for safe investment avenues and they are buying gold, but cautiously,” he remarked.