66

CHAPTER - IV
INDIA’S GEMS AND JEWELLERY EXPORT EXPERIENCE
WITH ITS TRADE PARTNERS

The gems and jewellery industry has a global significance and enjoys a
major industry status since the colonial period. India has achieved remarkable
progress in the world of gems and jewellery over the last few decades, but it
has not been smooth sailing all along. Whatever success India claimed so far,
has been achieved by the hard and devoted work of its artisans, expertise of
its designers and the business acumen of its entrepreneurs. During the past,
the country had to face a lot of difficulties and adverse situations in economic
sector but it went to the credit of India’s gems and jewellery sector that it
never looked back.
India exports gems and jewellery to nearly160 countries. Among the first
ten buyers of India’s gems and jewellery the US mostly remained at the top.
Other major buyers are Belgium, Hong Kong, Japan, Switzerland,
Netherland, the U.K., France, Singapore and Germany. India has also
succeeded in reaching some new markets like Turkey, Trinidad, Korea,
Cyprus, Finland, Taiwan, Lebanon, Spain, Israel, Sweden and Denmark etc.
The ten main overseas market taken together, account for more than 90 per
cent exports of the gems and jewellery by India. Gems and jewellery exports
of India contribute nearly 20 per cent to country’s total foreign exchange
earnings.
There is no doubt that during the period from 1990-91 to 2009-10 Indian
gems and jewellery exports displayed an appreciable increase. The most
noticeable feature is that during the prescribed study period India’s gems and
jewellery exports increased at a compound rate of 16.59 per cent while Indian
total exports registered a growth rate of 17.82 per cent over the same period.
However, growth itself is not a virtue, for there remains scope for immense
improvement. The growth phenomenon has been accompanied by a high
degree of instability caused to a great extent by high degree of product and
 67

market concentration.
In this chapter, the study make an attempt to analyze country-wise as
well as product-wise growth trend of gems and jewellery products exports,
measurement of associated instability and market concentration. Effects of
present reform process on exports of gems and jewellery exports have also
been analyzed. In order to measure market concentration, six indices have
been used. These are:
(i) Index of Maximum Proportion (D1);
(ii) Hirschman Herfindhal Index (D2);
(iii) Entropy Index (D3);
(iv) Concentration Ratio of Four Major Countries CR4 (D4);
(v) Concentration Ratio of Eight Major Countries CR8 (D5);
(vi) Concentration Ratio of Sixteen Major Countries CR16 (D6).
To fulfill the objectives of the study, the relevant data on India’s exports
of gems and jewellery products have been collected from the authenticated
sources (given in the chapter-I)
The data have been used to calculate the growth rates of the major
importing countries from the year 1996-97 to 2009-10 which depicts the
comparative analysis of exports to these countries. Further, the importing
countries have been categorized into following three categories: Category-I
includes countries having greater than 40 per cent growth rates (High
Potential); Category-II includes countries having between 10 per cent and 40
per cent growth rates (Middle Potential) and Category-III includes countries
having below 10 per cent growth rates (Low Potential). The use of the ranks
has also been made in identifying the status of a country within a category
that again clearly states the comparative analysis of India’s gems and
jewellery exports to these countries. In addition, descriptive statistics of gems
and jewellery products exports during the study period have also been
discussed. For example, coefficients of variations, which are considered as a
relative measure of inequality in the gems and jewellery products exports
from India show instability in the exports during the study period.
 68

ANALYTICAL FINDINGS
Figure-4.1 represents the country concentration indices of the exports of
cut and polished diamonds among the fifty major importing countries during
the period 1996-97 to 2009-10. The indicators below the figure denoted by
D1, D2, D3, D4, D5 and D6 show Index of Maximum Proportion, Hirschman
Herfindhal Index, Entropy Index, the Concentration ratio of four major
importing countries, eight major importing countries and sixteen major
importing countries, respectively. The figure shows the value of six different
measures of concentration of cut and polished diamonds exports. These
measures of concentration viz., Index of Maximum Proportion (D1) ranges
from 0.257261 to 0.368052, Hirschman Herfindhal Index (D2) ranges from
0.170415 to 0.232587, Entropy Index (D3) ranges from 0.785865 to
0.897400, concentration ratio of four major importing countries CR4 (D4)
ranges from 0.731733 to 0.865695, concentration ratio of eight major
importing countries CR8 (D5) ranges from 0.936116 to 0.959464 and
concentration ratio of sixteen major importing countries CR16 (D6) ranges
from 0.988276 to 0.994047. Here, the Hirschman Herfindhal Index (D2)
indicates the presence of diversification (Low Concentration) of cut and
polished diamonds among the various importing countries. The Index D3
depicts the entropy index of cut and polished diamonds exports over the
study period. The higher value of the entropy index indicates valuable
information about the concentration of importing countries. Concentration
index D6 represents that it has been almost constant for Germany, the UAE,
the UK, France, Australia, Canada, Italy, Japan, Israel, the USA, Hong Kong,
Belgium, Thailand, Singapore, Switzerland and Malaysia over the study
period except in years 1997-98 and 1998-99. In these years it has been
showing decreasing trend.
Table-4.1 exhibits the country wise growth rate for the exports of Indian
cut and polished diamonds to the fifty major importing countries during the
period 1996-97 to 2009-10. Further, the importing countries have been
categorized into the following three categories: Category-I includes countries
 69

Figure – 4.1
Country Concentration Indices of Cut and Polished Diamonds during the Period 1996-97 to 2009-10
1.2

0.8
Index Values

0.6

0.4

0.2

0
1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.3269190 0.3553112 0.3680524 0.3627581 0.3402978 0.3232971 0.2905555 0.3386704 0.2572611 0.2768978 0.3101565 0.3327326 0.3050731 0.3055800
D2 0.2116225 0.2255623 0.2305520 0.2325871 0.2195896 0.210493 0.1732290 0.235339 0.1704159 0.1704470 0.1928383 0.2023495 0.1946839 0.2227433
D3 0.8152013 0.8083933 0.8053518 0.7977987 0.8180314 0.8306888 0.8974008 0.7897538 0.8881180 0.8876976 0.8506085 0.8301152 0.8480203 0.7858651
D4 0.85053 0.845352 0.846686 0.834238 0.816018 0.798816 0.7628007 0.847838 0.768157 0.731733 0.796268 0.823725 0.826574 0.865695
D5 0.956126 0.941007 0.945442 0.950431 0.949327 0.950497 0.936116 0.950708 0.955292 0.959464 0.95241 0.954484 0.945628 0.958918
D6 0.992127 0.989921 0.988276 0.992169 0.993138 0.992986 0.992647 0.990647 0.991238 0.992237 0.99096 0.991974 0.990129 0.994047
Year

Source: Calculated on the basis of data given in Appendix-I

 70

having greater than 40 per cent growth rates, Category-II includes countries
having between 10 per cent and 40 per cent growth rates and Category-III
includes countries having below 10 per cent growth rates. Such type of
Table – 4.1
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Cut and Polished Diamonds) during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
Category Country CAGR t-value R2 F-value Ranks
China P RP 97.80 3.775* 0.542 14.251 1
High Potential Category

Turkey 67.86 7.842* 0.836 61.509 2

Honduras 46.77 2.481** 0.339 6.159 3
UAE 45.74 9.177* 0.875 84.224 4
South Africa 40.46 9.502* 0.882 90.300 5
Chile 34.68 1.646 0.184 2.711 6
Poland 30.55 1.942** 0.246 3.931 7
Malaysia 22.71 7.280* 0.815 53.009 8
Middle Potential Category

Korea RP 19.43 4.548* 0.632 20.692 9

Italy 18.99 2.058** 0.260 4.237 10
Australia 18.66 22.877* 0.977 523.384 11
Israel 17.57 9.812* 0.889 96.291 12
Singapore 17.54 3.368* 0.485 11.345 13
Lebanon 17.02 4.873* 0.664 23.753 14
Greece 16.57 2.390** 0.568 5.716 15
Hong Kong 15.51 22.670* 0.977 513.962 16
New Zealand 13.87 11.860* 0.921 140.675 17
Finland 11.18 2.360** 0.317 5.571 18
Thailand 9.94 5.964* 0.747 35.575 19
Belgium 9.55 16.962* 0.959 287.728 20
UK 8.83 7.350* 0.818 54.026 21
Canada 8.18 4.951* 0.671 24.518 22
USA 7.00 6.401* 0.773 40.983 23
 71

Taiwan 6.19 1.401 0.140 1.965 24

Ukrain 5.65 0.266 0.005 0.071 25
Switzerland 3.23 1.739 0.201 3.025 26
France 3.15 2.182** 0.284 4.765 27
Germany 2.92 2.522* 0.346 6.361 28
Spain 1.96 0.496 0.020 0.246 29
Indonesia 0.001 0.000 0.000 0.000 30
Japan -1.17 -0.802 0.050 0.643 31
Ireland -2.07 -0.342 0.009 0.117 32
Sri Lanka -4.14 -0.604 0.029 0.365 33
Bahrain Is -4.53 -0.475 0.018 0.226 34
Low Potential Category

Netherland -7.24 -1.137 0.097 1.294 35

Brazil -8.30 -0.923 0.066 0.852 36
Russia -14.05 -3.037 0.434 9.227 37
Kuwait -14.56 -1.865 0.224 3.480 38
Denmark -14.88 -1.464 0.151 2.144 39
Austria -15.13 -1.511 0.159 2.284 40
Mauritius -15.26 -3.375 0.487 11.392 41
Norway -19.71 -1.701 0.195 2.915 42
Qatar -21.37 -1.431 0.145 2.048 43
Bangladesh -23.26 -3.81 0.547 14.528 44
Portugal -25.16 -3.444 0.497 11.866 45
Saudi Arab -25.96 -2.879 0.408 8.291 46
Oman -26.00 -2.230 0.293 4.974 47
Sweden -26.88 -3.606 0.520 13.004 48
Cyprus -29.60 -9.334 0.878 87.133 49
Maxico -122.47 -1.811 0.214 3.281 50
Source: Calculated on the basis of data collected from Export Import Data Bank, Director General of Commercial
Intelligence and Statistics, Ministry of Commerce, Government of India, Kolkata, Gem and Jewellery
Export Promotion Council (GJEPC), Ministry of Commerce and Industry, Government of India, New
Delhi.
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.
 72

classification may be valuable in identifying the high, middle and low

potential countries for the purpose of exports of the gems and jewellery
products. On the basis of the ranks given for the growth rates, one can
conclude that the first five countries like China P RP (97.80), Turkey (67.86),
Honduras (46.77), the UAE (45.74) and South Africa (40.46) come in the
high potential category, which shows the appreciable progress of India in the
exports of cut and polished diamonds among these countries. In addition,
next thirteen countries fall in the middle potential category and rest of the
countries are of the low potential category. Obviously, the t-values of growth
rates, it is found that some of countries are having its positive values while
others having as negative values. The Table clearly displays that the most of
growth rates are statistically significant at one per cent (α = 0.01) level of
significance. However, the growth rates of Japan, Ireland, Sri Lanka, Brazil,
Russia, Kuwait, Denmark and Norway etc. have been negative and
statistically insignificant and all these values are confirmed by t-value,
coefficient of determination R2 and ANOVA (F-value).
The coefficient of variations for the exports of cut and polished
diamonds to various countries during the period from 1996-97 to 2009-10 are
displayed in the Table 4.2. The column III of the Table shows the mean
values of the total exports for the study period. Similarly, column IV depicts
standard deviation of the year-wise exports to various countries, which
highlights the dispersion among the importing countries. The last column of
the Table provides coefficients of variations, which is considered as relative
measures of inequality in cut and polished diamonds exports of India. The
mean value of year-wise exports of cut and polished diamonds have
increased from 2,883.354 to 1,69,823.951 which is almost fifty nine times
increase from the year 1996-97 to 2009-10. Further, absolute dispersion
measured by standard deviation has increased from 89,998.778 to
5,46,190.546 which is six folds increase in fourteen years (1996-97 to 2009-
10) Likewise, the coefficients of variations during the study period have been
of fluctuating nature. However, one may conclude that the stability over the
study period in exports of cut and polished diamonds has improved. It is
 73

Table – 4.2
Descriptive Statistics of Exports of Cut and Polished Diamonds during
the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. No. Year Mean Standard Coefficient of
Deviation Variations
1 1996-97 2883.354 89998.778 312.676
2 1997-98 32142.187 104092.445 323.849
3 1998-99 40251.458 131926.877 327.756
4 1999-00 56229.261 185123.723 329.336
5 2000-01 56478.895 180230.013 319.110
6 2001-02 56405.934 175847.514 311.753
7 2002-03 80955.316 226353.835 279.603
8 2003-04 68507.838 227077.223 331.461
9 2004-05 92472.353 256171.460 277.024
10 2005-06 102364.404 283604.268 277.053
11 2006-07 95498.257 283587.749 296.955
12 2007-08 113536.464 346305.695 305.017
13 2008-09 142723.193 426081.853 298.537
14 2009-10 169823.951 546190.546 321.621
Source: Ibid., Table-4.1

because in the year 1996-97, the figure was 312.676 and in the year 2009-10
the figure increased to 321.621. Obviously, it signifies the presence of
diversification.
Figure-4.2 represents the country concentration indices of the exports of
gold jewellery among fifty major importing countries during the period 2003-
04 to 2009-10. These measure concentration namely, Index of Maximum
Proportion (D1), Hirschman Herfindhal Index (D2), Entropy Index (D3), CR4
(D4), CR8 (D5) and CR16 (D6) ranges from value 0.402811 to 0.540555,
0.299682 to 0.378181, 0.591940 to 0.768880, 0.822189 to 0.925231,
 74

Figure – 4.2
Country Concentration Indices of Gold Jewellery during the Period 2003-04 to 2009-10
1.2

0.8
Index Values

0.6

0.4

0.2

0
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.540555 0.503796 0.505918 0.500777 0.402811 0.491886 0.529525
D2 0.377732 0.371359 0.377222 0.378181 0.314336 0.299682 0.340601
D3 0.617398 0.615214 0.597924 0.59194 0.684514 0.7688804 0.681118
D4 0.913459 0.908971 0.920465 0.925231 0.897002 0.822189 0.885351
D5 0.951725 0.947122 0.954009 0.954209 0.947074 0.932722 0.952205
D6 0.9834302 0.983195 0.987106 0.988864 0.987677 0.978543 0.986032
Year

Source: Calculated on the basis of data given in Appendix-III

 75

0.932722 to 0.952205 and 0.978543 to 0.988864, respectively. Further, index

D2 that has been almost stable in first four years, starts declining after the
year 2007-2008 and starts increasing again in 2009-10, which is also
displayed in the figure-4.2. The index D3 that measures the information about
the concentration of the group has been declining in first four years and of
fluctuating nature during rest of the years. In addition, the concentration ratio
CR4 (D4), CR8 (D5) and CR16 (D6) also indicate almost stable exports of gold
jewellery for these countries in the International market.
The country-wise growth rates for the exports of gold jewellery among
the fifty major importing countries during the period 2003-04 to 2009-10 are
shown in Table-4.3. A careful examination of the Table reveals that the first
eight countries like China P RP, Poland, Hong Kong, France, Korea RP,
Saudi Arab, Australia and South Africa come in the high potential category,
which demonstrate an enormous potential market for the India’s exports of
gold jewellery. Further, twenty seven countries fall in the middle potential
category and last fifteen counties come in the low potential category. It is
clear from the Table that t-values of growth rates of Ireland, Nepal, Lebanon,
Cyprus, Fiji Is, Taiwan and Kenya have been negative and statistically
insignificant and all these values are confirmed by t-value and R2.
Table – 4.3
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Gold Jewellery) during the Period from 2003-04 to 2009-10
(Values in Rs. Lacs)
2
Category Country CAGR t-value R F-value Ranks
China P RP 256.90 4.574* 0.807 20.922 1
Poland 212.13 5.088* 0.838 25.896 2
High Potential

Hong Kong 75.52 24.378* 0.991 594.321 3

Category

France 71.09 2.960** 0.636 8.763 4

Korea RP 58.26 1.642 0.350 2.698 5
Soudi Arab 46.28 3.969* 0.759 15.755 6
Australia 42.07 10.351* 0.955 107.155 7
 76

South Africa 41.74 5.442* 0.855 29.621 8

Singapore 37.12 3.922* 0.754 15.382 9
Spain 36.94 4.263* 0.784 18.178 10
U.A.E. 34.47 7.781* 0.923 60.557 11
Italy 33.63 5.598* 0.862 31.348 12
Qatar 31.50 2.610** 0.576 6.815 13
Canada 29.93 4.490* 0.801 20.164 14
Indonesia 28.02 0.880 0.134 0.774 15
Maxico 26.84 0.825 0.120 0.681 16
Greece 26.72 0.768 0.105 0.590 17
Bahrain Is 25.01 1.491 0.307 2.225 18
Middle Potential Category

Israel 23.96 2.708** 0.594 7.336 19

Austria 22.42 2.615** 0.577 6.840 20
Thailand 21.98 4.601* 0.808 21.173 21
Finland 21.85 1.266 0.242 1.603 22
Sri Lanka 21.25 1.199 0.223 1.439 23
New Zealnd 21.02 3.334** 0.689 11.116 24
Germany 20.54 3.343** 0.691 11.182 25
Portugal 20.11 0.758 0.103 0.575 26
Phillipines 19.67 0.392 0.029 0.154 27
Belgium 19.05 2.713** 0.595 7.364 28
Norway 18.90 1.963** 0.435 3.855 29
Denmark 17.99 1.410 0.284 1.988 30
Brazil 17.25 0.357 0.024 0.127 31
Netherland 15.52 1.078 0.188 1.162 32
Georgia 14.63 0.923 0.145 0.852 33
Oman 11.57 0.125 0.003 0.015 34
Kuwait 10.55 0.568 0.060 0.323 35
U.K. 9.55 2.608** 0.576 6.802 36
Malaysia 7.46 1.005 0.168 1.010 37
Turkey 7.29 1.009 0.169 1.019 38
 77

Switzerland 6.53 0.638 0.075 0.407 39

Mauritius 6.51 0.560 0.059 0.314 40
Sweden 5.81 0.451 0.039 0.203 41
Low Potential Category

Japan 4.84 0.615 0.070 0.379 42

U.S.A. 3.23 0.743 0.099 0.552 43
Ireland -0.00 -0.000 0.000 0.000 44
Nepal -1.59 -0.041 0.0003 0.001 45
Lebanon -3.32 -0.175 0.006 0.030 46
Cyprus -15.88 -1.047 0.179 1.096 47
Fiji Is -22.95 -3.602 0.721 12.975 48
Taiwan -42.02 -3.458 0.705 11.959 49
Kenya -63.09 -1.841 0.404 3.391 50
Source: Ibid., Table-4.1
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

Table-4.4 demonstrates the descriptive statistics of the gold

jewellery exports to various importing countries during the period from
2003-04 to 2009-10. The column III of the Table represents the mean values
of exports of the study period. Further, column IV represents standard
deviation of the exports to various importing countries for these years, which
signifies the dispersion among the importing countries. The last column of
the Table displays coefficients of variations, which is considered as relative
measures of inequality in the exports of India’s gold jewellery. The mean
values of year-wise gold jewellery exports have increased from 16,893.034 to
55,143.391 which is three times increase from the year 2003-04 to 2009-10.
Similarly, the absolute dispersion measured by standard deviation has
increased from 72,170.397 to 2,23,022.136 which has almost four times
increased over the study period. The coefficients of variations during the
study period have been of fluctuating nature. The figure of coefficient of
variations was 427.219 in 2003-04 and in 2009-10, the figure reduced
404.440, which means the reduction in the inequality of the exports of gold
jewellery. It may be considered as a good sign for the Indian economy.
 78

Table – 4.4
Descriptive Statistics of Exports of Gold Jewellery during the Period
from 2003-04 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr No. Year Mean Standard Coefficients of
Deviation Variation
1 2003-04 16893.034 72170.397 427.219
2 2004-05 25779.879 10801.929 418.985
3 2005-06 27775.373 118577.145 426.914
4 2006-07 37869.094 161885.598 427.487
5 2007-08 34351.917 133120.630 387.520
6 2008-09 61918.147 233895.984 377.750
7 2009-10 55143.391 223022.136 404.440
Source: Ibid., Table-4.1

Figure-4.3 exhibits the country concentration indices of the exports of

coloured gemstones among the fifty major countries again during the period
1996-97 to 2009-10. In the figure, the different measures of concentration
namely, Index of Maximum Proportion (D1) Hirschman Herfindhal Index
(D2), Entropy Index (D3), concentration ratio of four major importing
countries CR4 (D4), concentration ratio of eight major importing countries
CR8 (D5) and concentration ratio of sixteen major importing countries CR16
(D6) ranges from 0.266407 to 0.525818, 0.149388 to 0.289646, 0.765341 to
0.982657, 0.697379 to 0.858813, 0.883191 to 0.937609 and 0.958489 to
0.982544, respectively. After analyzing the figure-4.3, it has been observed
that the index D2 displays the presence of diversification (Low
Concentration) of coloured gemstones exports among the various importing
countries. Further, index D3 measures the information about the
concentration of the group has been of fluctuating nature over the study
period. The concentration ratio CR4 (D4) in the figure illustrates low
concentration in the first four major importing countries of coloured gem-
stones. These countries are the USA, Hong Kong, Thailand and Japan.
 79

Figure – 4.3
Country Concentration Indices of Coloured Gemstones during the Period 1996-97 to 2009-10
1.2

0.8
Index Values

0.6

0.4

0.2

0
1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.409868 0.525818 0.430930 0.446762 0.427694 0.431312 0.443778 0.507705 0.379360 0.410324 0.373438 0.333370 0.311483 0.266407
D2 0.233129 0.319368 0.234261 0.247998 0.227935 0.237801 0.238866 0.289646 0.191814 0.271999 0.200501 0.191804 0.181986 0.149388
D3 0.862349 0.765341 0.870512 0.850420 0.873872 0.854945 0.880866 0.828902 0.950097 0.767150 0.927154 0.929083 0.935290 0.982657
D4 0.779212 0.802755 0.764928 0.769568 0.742979 0.806747 0.767283 0.781882 0.711172 0.858813 0.744005 0.757943 0.745527 0.697379
D5 0.913013 0.919332 0.91159 0.913489 0.923406 0.920415 0.90906 0.911436 0.883191 0.937609 0.895885 0.903722 0.899233 0.896391
D6 0.974841 0.980989 0.980482 0.980394 0.982544 0.977859 0.967038 0.968952 0.96819 0.979358 0.966141 0.958489 0.970797 0.977315
Year
Source: Calculated on the basis of data given in Appendix-V
 80

Furthermore, the concentration ratio CR8 (D5) and CR16 (D6) Indicate
high concentration for the exports of coloured gemstones in the first eight
and then sixteen countries of the world.
On the pattern of earlier Tables, Table-4.5 illustrates the country-wise
growth rates of the exports of coloured gemstones to fifty major importing
countries during the period 1996-97 to 2009-10. The Table represents that the
Turkey (68.75), China P RP (45.40), Indonesia (42.77), and Lebanon (40.25)
are falling in the first high potential category.
Therefore, growth rate of the above countries signifies a lucrative market
for the Indian coloured gemstones. Further, the next twenty-one countries
come in the second potential category, which indicates the increasing exports
trend of coloured gemstones in this group. The category of low potential
countries consists of Qatar, the UK, Hong Kong, Japan, Netherland,
Germany, Australia, Oman, Canada, Spain, the USA, Finland, Greece, New
Zealand, Egypt, Mauritius, Belgium, Switzerland, France, Norway, Cyprus,
Sweden, Kenya, Phillipines and Austria. After examining the t-values, most
of the growth rates are statistically significant at one per cent (α = 0.01) level
of significance. However, the growth rates of Egypt, Mauritius, Belgium,
France, Norway, Cyprus, Sweden, Kenya and Austria are negative and
statistically insignificant. All these values are confirmed by the t-values and
R2.
Table – 4.5
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Coloured Gemstones) during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
2
Category Country CAGR t-value R F-value Ranks
Turkey 68.75 6.120* 0.757 37.465 1
Category
Potential

China P RP 45.40 6.603* 0.784 43.604 2

High

Indonesia 42.77 4.500* 0.628 20.258 3

Lebanon 40.25 6.202* 0.762 38.467 4
Czech Republic 29.64 5.985* 0.749 35.820 5
Nepal 29.14 3.063* 0.438 9.383 6
 81

Poland 25.65 5.434* 0.711 29.538 7

Maxico 24.14 3.352* 0.483 11.240 8
Ireland 24.09 2.797** 0.394 7.823 9
South Africa 23.41 7.088* 0.807 50.245 10
U.A.E. 21.52 5.199* 0.692 27.038 11
Korea RP 21.29 6.866* 0.797 47.144 12
Middle Potential Category

Kuwait 19.94 2.040** 0.257 4.162 13

Denmark 19.92 6.571* 0.782 43.186 14
Taiwan 19.41 5.569* 0.721 31.019 15
Portugal 18.61 2.130** 0.274 4.540 16
Singapore 18.40 2.001* 0.250 4.004 17
Sri Lanka 17.09 2.643* 0.368 6.988 18
Malaysia 16.18 1.570 0.170 2.467 19
Israel 15.45 8.463* 0.856 71.625 20
Saudi Arab 15.04 1.683 0.190 2.832 21
Thailand 14.74 3.900* 0.559 15.217 22
Brazil 12.76 1.054 0.084 1.111 23
Bahrain Is 12.14 2.053** 0.260 4.216 24
Italy 11.02 3.586* 0.517 12.864 25
Qatar 8.43 0.813 0.052 0.661 26
U. K. 7.80 4.215* 596.00 17.769 27
Hong Kong 7.65 4.573* 0.635 20.921 28
Japan 6.30 2.309** 0.307 5.335 29
Netherland 5.53 1.763 0.205 3.110 30
Germany 5.45 3.596* 0.518 12.933 31
Australia 4.64 2.609** 0.362 6.811 32
Oman 3.91 0.425 0.014 0.180 33
Canada 3.42 1.709 0.195 2.922 34
Spain 3.18 1.292 0.122 1.669 35
U.S. A. 3.13 2.336** 0.312 5.460 36
Finland 2.88 0.448 0.016 0.201 37
 82

Greece 1.55 0.447 0.016 0.200 38

New Zealand 1.50 0.310 0.007 0.096 39
Egypt -0.56 -0.036 0.001 0.001 40
Mauritius -0.86 -0.156 0.002 0.024 41
Belgium -1.60 -0.561 0.025 0.315 42
Switzerland -2.38 -0.840 0.055 0.706 43
France -3.11 -0.688 0.038 0.474 44
Norway -5.74 -1.462 0.151 2.139 45
Cyprus -8.48 0.107 0.053 0.674 46
Sweden -8.77 -2.641 0.367 6.979 47
Kenya -10.21 -0.779 0.048 0.607 48
Phillipines -10.99 -1.882 0.227 3.542 49
Austria -15.17 -4.159 0.590 17.301 50
Source: Ibid., Table-4.1
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.
The coefficient of variations for the exports of coloured gemstones to
various countries during the period from 1996-97 to 2009-10 are displayed in
the Table 4.6. The column III of the table demonstrates the mean values of
exports for respective years. Similarly, column IV illustrates standard
deviations of the exports of coloured gemstones to various importing
countries for respective years, which shows the dispersion among the
importing countries. The last column of the table shows coefficients of
variations that are reflected as relative measures of inequality in the exports
of India’s coloured gemstones. The mean value of year-wise coloured gem-
stones exports has increased from 1,002.311 to 3,432.884 which is almost
four times increase from the year 1996-97 to 2009-10. Further, the absolute
dispersion measured by standard deviation has increased from 3305.189 to
8820.206 which is almost three times increase over the study period. The
coefficients of variations in these years have been of fluctuating nature.
However, one may conclude that the stability over the study period in the
exports of coloured gemstones has to some degree, improved. It is because in
the year 1996-97 the figure of coefficient of variations was 329.756 and in
 83

the year 2009-10 the figure reduced to 256.932. It means the reduction in the
inequality at the exports of coloured gemstones improved the stability of the
gems and jewellery exports of the country.
Table – 4.6
Descriptive Statistics of Exports of Coloured Gemstones during the
Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. No. Year Mean Standard Coefficient of
Deviation Variations
1 1996-97 1002.311 3305.189 329.756
2 1997-98 1162.024 4541.408 390.818
3 1998-99 1751.892 5792.298 330.631
4 1999-00 1897.648 6472.222 341.065
5 2000-01 1963.966 6396.903 325.713
6 2001-02 1914.226 6381.097 333.351
7 2002-03 2145.453 7169.367 334.165
8 2003-04 1930.014 7158.630 370.910
9 2004-05 2139.258 6333.809 296.074
10 2005-06 3421.945 12270.010 358.568
11 2006-07 2356.141 7150.119 303.467
12 2007-08 2187.480 6476.396 296.066
13 2008-09 2516.695 7235.059 287.482
14 2009-10 3432.884 8820.206 256.932
Source: Ibid., Table-4.1
Figure-4.4 represents the country concentration indices of the exports of
non-gold jewellery among the fifty importing countries during the period
1996-97 to 2009-10. The figure shows the values of six different measures of
concentration viz., Index of Maximum Proportion (D1) ranges from 0.214524
to 0.560404, Hirschman Herfindhal Index (D2) ranges from 0.127377 to
0.334423, Entropy Index (D3) concentration ratio of four major importing
 84

Figure – 4.4
Country Concentration Indices of Non-Gold Jewellery during the Period 1996-97 to 2009-10
1.2

0.8
Index Values

0.6

0.4

0.2

0
1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.463418 0.381481 0.328704 0.433536 0.485926 0.554140 0.522641 0.544735 0.544758 0.447676 0.498420 0.560404 0.214524 0.358479
D2 0.239963 0.187600 0.158897 0.214494 0.258441 0.324053 0.303395 0.316566 0.316138 0.236246 0.270079 0.334423 0.127377 0.185012
D3 0.951063 0.995395 1.031680 1.002373 0.928821 0.849894 0.837815 0.843777 0.853808 0.927428 0.915822 0.813599 1.056835 0.970471
D4 0.684911 0.671512 0.663089 0.670806 0.683699 0.743683 0.771948 0.745737 0.752868 0.734031 0.713131 0.784940 0.638990 0.716200
D5 0.834094 0.855188 0.838764 0.817058 0.848355 0.853473 0.872836 0.871802 0.856138 0.854860 0.841976 0.869212 0.862689 0.867745
D6 0.946487 0.951527 0.949485 0.927724 0.946812 0.951695 0.960855 0.955294 0.951141 0.957469 0.951210 0.959956 0.951140 0.958734
Year

Source: Calculated on the basis of data given in Appendix-VII

 85

countries CR4 (D4) ranges from 0.663089 to 0.784940, concentration ratio of

eight major importing countries CR5 (D5) ranges from 0.817058 to 0.872836
and concentration ratio of sixteen major importing countries CR16 (D6) ranges
from 0.927724 to 0.960855. Subsequently, index D2 shows the low
concentration of non-gold jewellery among the various importing countries
of the world. Further, index D3 depicts the higher values of the entropy index
that indicates high concentration of India’s non-gold jewellery exports in the
year 2009-08. Apparently, It is clear from the figure that the concentration
measure CR16 (D6) shows high concentration figures in comparison to CR4
(D4) and CR8 (D5) index.
Table-4.7 explores the growth rates of the exports of Indian non-gold
jewellery to the fifty major importing countries for the period 1996-97 to
2009-10. A close study leads us to believe that the growth rates of China P
RP (65.61), Poland (53.32), Thailand (45.79), Bahrain Is (43.64), Mauritius
(43.23), Finland (42.45), Lebanon (40.33) are falling in the high potential
category. Thus, it shows the high demand for India’s gold jewellery exports
to above these countries. Further, next thirty three importing countries come
in the middle potential category. In addition, growth rates of Argentina,
Oman, Indonesia, Cyprus, Greece, Taiwan, Trinidad, Czech Republic,
Austria and Kuwait come in the low potential category. From the Table it is
clear that some of countries are having their positive values while others
having as negative t-values. After examining the t-values, most of the growth
rates are statistically significant at one per cent (α = 0.01) level of
significance. Similarly, the growth rates for Japan, Croatia, Chile, Saudi
Arab, Slovenia, Italy and Oman have been positive and significant at ten per
cent (α = 0.10) level of significance. However, the growth rates of some
countries have been negative and statistically insignificant and all these
values are confirmed by t-value, ANOVA (F-value) and R2. Subsequently,
such kind of analytical study for an exporting product is very valuable for
knowing the potential of commodity and for taking appropriate decisions.
 86

Table – 4.7
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Non-Gold Jewellery) during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
2
Category Country CAGR t-value R F-value Ranks
China P RP 65.61 3.029* 0.433 9.178 1
Poland 53.32 5.492* 0.715 30.162 2
High Potential

Thailand 45.79 4.190* 0.594 17.558 3

Category

Bahrain Is 43.64 5.232* 0.695 27.381 4

Mauritius 43.23 3.699* 0.532 13.683 5
Finland 42.45 3.725* 0.536 13.876 6
Lebanon 40.33 3.347* 0.482 11.207 7
South Africa 38.63 7.413* 0.820 54.953 8
Portugal 37.27 10.368* 0.899 107.479 9
Turkey 34.10 4.726* 0.650 22.341 10
Australia 34.06 5.008* 0.676 25.084 11
Hong Kong 33.92 4.109* 0.584 16.887 12
Croatia 32.08 2.366** 0.318 5.599 13
Sweden 31.48 4.168* 0.591 17.378 14
Middle Potential Category

Japan 30.80 2.962** 0.422 8.774 15

Israel 30.16 4.846* 0.661 23.484 16
U.A.E. 29.13 4.207* 0.595 17.699 17
Germany 28.85 7.840* 0.836 61.475 18
Ireland 26.42 5.794* 0.736 33.580 19
Canada 25.08 6.324* 0.769 39.994 20
Netherland 23.89 6.728* 0.790 42.269 21
U.S.A. 23.83 6.964* 0.801 48.502 22
Malaysia 22.00 3.826* 0.549 14.644 23
Chile 21.55 2.080** 0.265 4.329 24
U.K. 21.52 4.717* 0.649 22.252 25
Saudi Arab 21.48 2.317** 0.309 5.368 26
Switzerland 21.30 6.184* 0.761 38.254 27
 87

Belgium 21.02 3.682* 0.530 13.560 28

New Zealand 19.31 5.268* 0.698 27.755 29
Slovenia 17.32 2.102** 0.269 4.421 30
Singapore 16.60 3.084* 0.442 9.513 31
Fiji Is 16.43 1.606 0.176 2.579 32
France 16.32 5.239* 0.695 27.447 33
Korea RP 16.21 1.538 0.164 2.365 34
Brazil 14.92 1.480 0.154 2.192 35
Denmark 14.19 4.580* 0.636 20.978 36
Hungary 14.11 1.323 0.127 1.750 37
Spain 13.35 6.210* 0.762 38.57 38
Norway 10.69 1.462 0.151 2.138 39
Italy 10.39 2.299** 0.305 5.286 40
Argentina 9.88 1.049 0.084 1.100 41
Oman 7.77 2.042** 0.258 4.173 42
Low Potential category

Indonesia 5.49 0.434 0.015 0.188 43

Cyprus 5.41 0.664 0.035 0.440 44
Greece 1.55 0.579 0.027 0.336 45
Taiwan 0.02 0.003 0.000 0.000 46
Trinyded -0.56 -0.049 0.000 0.002 47
Czech Republic -1.29 -0.148 0.001 0.022 48
Austria -3.92 -0.492 0.019 0.243 49
Kuwait -12.75 -0.990 0.075 0.981 50
Source: Ibid., Table-4.1
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

Table 4.8 demonstrates the descriptive statistics of non-gold jewellery

exports to importing countries during the period 1996-97 to 2009-10. The
mean values of exports for the study period have been displayed in column
III. Likewise, standard deviations of the exports to various countries for the
period have been depicted in the column IV. The last column of the Table
provides coefficients of variations. Year-wise mean values of non-gold
 88

jewellery has increased from 91.530 to 2,238.680 which is twenty four times
increase from the year 1996-97 to 2009-10. Similarly, the absolute dispersion
measured by standard deviation has increased from 306.629 to 6,495.657,
which is twenty one times increase from the year 1996-97 to 2009-10.
Table – 4.8
Descriptive Statistics of Exports of Non- Gold Jewellery during the
Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. Year Mean Standard Coefficient of
No. Deviation Variations
1 1996-97 91.530 306.629 335.001
2 1997-98 90.916 265.860 292.421
3 1998-99 457.009 1216.591 266.206
4 1999-00 244.265 769.463 315.011
5 2000-01 348.862 1216.790 348.788
6 2001-02 557.386 2195.346 393.864
7 2002-03 833.726 3170.234 380.249
8 2003-04 949.085 3691.797 388.984
9 2004-05 807.117 3137.301 388.704
10 2005-06 703.172 2335.681 332.159
11 2006-07 771.388 2755.396 357.199
12 2007-08 810.172 3244.943 400.525
13 2008-09 4170.073 9760.481 234.060
14 2009-10 2238.680 6495.657 290.155
Source: Ibid., Table-4.1
The coefficients of variations in these years have been of the fluctuating
nature. The figure of coefficient of variations in the year 1996-97 was
335.001 and in the year 2009-10, the figure was 290.155, which means the
reduction in inequality of the exports of non-gold jewellery. Obviously, it
highlights that the stability over the study period in the exports of non-gold
 89

Figure – 4.5
Country Concentration Indices of Costume/Fashion Jewellery during the Period 1996-97 to 2009-10
1.4

1.2

1
Index Values

0.8

0.6

0.4

0.2

0
1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.2590415 0.3290983 0.3318340 0.3210095 0.3147501 0.3217522 0.3696456 0.7246304 0.9059217 0.6291205 0.2197979 0.3263583 0.2344361 0.2166994
D2 0.1124455 0.1414996 0.1427315 0.1369256 0.1314945 0.1398085 0.1653185 0.5365327 0.8216806 0.4133249 0.0984978 0.1634051 0.1178597 0.1231882
D3 1.2120119 1.1578971 1.1749846 1.1602642 1.1914669 1.1498859 1.1178685 0.5601514 0.2496868 0.7225292 1.2448819 1.0523794 1.1880310 1.1496338
D4 0.556891 0.5866905 0.596687 0.585423 0.575024 0.582306 0.595901 0.890725 0.952344 0.819087 0.535552 0.712196 0.585432 0.642194
D5 0.706428 0.749753 0.740615 0.742583 0.717294 0.7674707 0.754617 0.932574 0.970475 0.882107 0.713359 0.828395 0.7540000 0.7710509
D6 0.875204 0.888739 0.871293 0.895748 0.876991 0.891852 0.896567 0.969091 0.987381 0.954849 0.862318 0.917413 0.877198 0.894786
Year

Source: Calculated on the basis of data given in Appendix-IX

 90

jewellery has improved.

Figure-4.5 shows the value of six different measures of concentration of
costume/fashion jewellery exports among the fifty major importing countries
during the period 1996-97 to 2009-10. These measures of concentration viz.,
Index of Maximum Proportion (D1) Herfindhal Index (D2), Entropy Index
(D3), concentration ratio of four major importing countries CR4 (D4),
concentration ratio of eight importing courtiers CR8 (D5), and concentration
ratio of sixteen major imparting countries CR16 (D6) ranges from value
0.216699 to 0.905921, 0.098497 to 0.821680, 0.249686 to 1.244882,
0.535552 to 0.952344, 0.706428 to 0.970475 and 0.862318 to 0.987381,
respectively. Further, in the figure-4.4 index D2 has been displaying
fluctuating nature regarding concentration of the group except the year 2004-
05 which is showing the highest value of index D2. Index D3 depicts also the
fluctuating information about the concentration except the year 2004-05
which is revealing the lowest value of index D3. From the figure, it is clear
that the concentration measures CR16 (D6) gives high concentration figures in
comparison to CR4 (D4) and CR8 (D5) index.
Table-4.9 represents the country-wise growth rates of the exports of
Indian costume/fashion jewellery to the fifty major importing countries
during the period 1996-97 to 2009-10. It is clear from the Table that the
growth rates of Turkey (82.35), Fiji Is (69.49), Portugal (50.77) and Thailand
(41.08) are falling in the high potential category which indicates an
increasing trend of the exports of costume/fashion jewellery in the above
importing centuries. Undoubtedly, there is an great potential for exports of
costume/fashion jewellery in the markets of the above mentioned countries
Further, thirty five countries come in the middle potential category and the
last eleven countries are falling in the low potential category. It is clear from
the Table that the most of the growth rates are statistically significant at one
per cent (α = 0.01) level of significance. Similarly, the growth rates for the
UAE, Sweden and Kuwait have been positive and significant at ten per cent
(α = 0.10) level of significance. However, the t-values of growth rates of
 91

Table – 4.9
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Costume/Fashion Jewellery) during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
Category Country CAGR t-value R2 F-value Ranks
Turkey 82.35 6.533* 0.780 42.682 1
Category
Potential

Fiji Is 69.49 4.001* 0.571 16.015 2

High

Portugal 50.77 7.343* 0.817 53.925 3

Thailand 41.08 4.342* 0.611 18.853 4
Spain 38.08 21.175* 0.973 448.412 5
UAE 37.35 2.924** 0.416 8.550 6
Greece 36.33 6.363* 0.771 40.489 7
Egypt 33.91 7.370* 0.819 54.324 8
Sri Lanka 32.91 5.977* 0.748 35.728 9
UK 32.69 19.472* 0.969 379.164 10
Denmark 32.11 6.586* 0.783 43.383 11
Australia 31.89 7.420* 0.821 55.069 12
Middle Potential Category

Finland 31.79 4.612* 0.639 21.271 13

Senegal 30.23 9.599* 0.884 92.148 14
Poland 27.85 3.765* 0.541 14.178 15
France 27.73 5.175* 0.690 26.787 16
Ghana 27.36 5.884* 0.742 34.624 17
South Africa 26.91 7.701* 0.831 59.312 18
Austria 26.15 4.257* 0.601 18.127 19
Germany 25.52 8.3158 0.852 69.143 20
Netherland 25.22 6.969* 0.801 48.574 21
Nigeria 24.47 5.088* 0.683 25.897 22
Sudan 23.99 8.767* 0.864 76.872 23
Israel 22.98 6.113* 0.756 37.371 24
Canada 20.44 10.469* 0.901 109.615 25
Italy 20.17 5.764* 0.734 33.234 26
 92

Afghanistan 19.40 4.449* 0.662 23.519 27

New Zeland 19.00 6.984* 0.802 48.784 28
Switzerland 18.99 4.530* 0.631 20.521 29
Malaysia 17.11 7.371* 0.819 54.343 30
Norway 16.38 3.515* 0.507 12.355 31
Mauritius 15.99 6.626* 0.785 43.915 32
USA 14.85 8.128* 0.846 66.078 33
Balgium 14.54 5.438* 0.711 29.58 34
Swedan 14.17 2.656** 0.370 7.054 35
Ymen Republic 14.11 6.870* 0.797 47.198 36
Japan 12.58 4.974* 0.673 24.745 37
Qatar 11.81 2.065** 0.262 4.265 38
Tanzania 11.59 3.449* 0.497 11.901 39
Kuwait 9.91 1.895** 0.230 3.594 40
Baharain Is 9.89 1.628 0.180 2.651 41
Oman 9.37 1.659 0.186 2.753 42
Low Potential Category

Kenya 9.00 3.093* 0.443 9.569 43

Singapore 8.79 1.328 0.128 1.765 44
Saudi Arab 8.26 4.438* 0.621 19.700 45
Hong Kong 6.59 1.585 0.173 2.514 46
Jordan 6.37 0.859 0.057 0.738 47
Ethiopia -4.48 -0.670 0.036 0.449 48
Bangladesh -9.47 -1.219 0.110 1.486 49
Russia -18.40 -2.924 0.416 8.554 50
Source: Ibid., Table-4.1
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

Ethiopia, Bangladesh and Russia have been negative and statistically

insignificant and all these values are confirmed by t-value and R2.
Table-4.10 represents descriptive statistics of the costume/fashion
jewellery exports to various importing countries during the period from
1996-97 to 2009-10. The column III of the table displays the mean values of
 93

costume/fashion jewellery exports for the study period. Similarly, column IV

depicts standard deviations of the year-wise exports to various importing
countries. The last column of the Table provides coefficient of variations
which is considered as relative measures of inequality in gems and jewellery
Table – 4.10
Descriptive Statistics of Exports of Costume/Fashion Jewellery during
the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. Year Mean Standard Coefficient of
No. Deviation Variations
1 1996-97 131.305 285.166 217.177
2 1997-98 184.353 458.997 248.977
3 1998-99 202.717 507.272 250.236
4 1999-00 283.386 692.159 244.245
5 2000-01 386.475 921.765 238.505
6 2001-02 311.054 769.045 247.238
7 2002-03 379.985 1034.662 272.290
8 2003-04 1710.327 8780.111 513.358
9 2004-05 5987.253 38291.317 639.547
10 2005-06 2863.307 12826.722 447.968
11 2006-07 911.391 1823.919 200.124
12 2007-08 1412.133 3819.707 270.491
13 2008-09 1299.607 2903.931 223.446
14 2009-10 1602.657 3677.290 229.449
Source: Ibid., Table-4.1
exports of India. The mean value of year-wise exports of costume/fashion
jewellery has increased from 131.305 to 1,602.657 which is twelve times
increased from the year 1996-97 to 2009-10. Further, absolute dispersion
measured by standard deviation has increased from 285.166 to 3,677.290
which is almost thirteen times increased in fourteen years (1996-97 to 2009-
 94

10). Likewise, the coefficients of variations during the study period have
been of fluctuating nature. However, one may conclude that the stability
during 1996-97 to 2009-10 in the exports of costume/fashion jewellery
improved. It is because in the year 1996-97, the figure was 217.177 and in
the year 2009-10 the figure increased to 229.449. Obviously, it indicates the
presence of diversification of the costume/fashion jewellery exports to
various countries of the world.
Figure-4.6 exhibits the country concentration indices of the exports of
other gems and jewellery products among the fifty major importing countries
for the period 1996-97 to 2009-10. The measures of concentration
specifically Index of Maximum Proportion (D1) ), Hirschman Herfindhal
Index (D2), Entropy Index (D3), CR4 (D4), CR8 (D5) and CR16 (D6) ranges
from 0.134829 to 0.545842, 0.087342 to 0.334726, 0.742060 to 1.203115,
0.515593 to 0.842294, 0.737332 to 0.922159 and 0.917328 to 0.982981,
respectively. Index D2 has been showing mixed nature regarding the
concentration of the other gems and jewellery products. Similarly, index D3
displays the fluctuating information about the concentration over the study
period. Further, the concentration index D4 of this group reveals that it has
been almost of constant nature for the countries South Africa, the UAE, the
USA and Hong Kong. Likewise, D5 has been displaying the stable nature
except the year 2007-08. In addition, D6 has also been showing the stable
nature for the countries like the USA, Japan, the UAE, Hong Kong,
Switzerland, Finland, Thailand, Germany, Bahrain Is, the UK, France,
Singapore, Taiwan, Saudi Arab, Italy and Belgium.
On the pattern of earlier Tables, Table-4.11 shows the country-wise
growth rates of other gems and jewellery products to fifty major importing
countries during the period 1996-97 to 2009-10.The Table displays that the
first two countries are falling in the high potential category. Similarly, the
next eighteen countries namely, China P RP, Israel, South Africa, Austria,
Italy, Armenia, Canada, Indonesia, Belgium, Korea RP, Sweden, Bhamas,
Norway, Finland, Hong Kong, Korea DP RP , Greece and Qatar fall in the
middle potential category, which indicates the increasing trend of exports of
 95

Figure – 4.6
Country Concentration Indices of Other Gems and Jewellery Products during the Period 1996-97 to 2009-10
1.4

1.2

1
Index Values

0.8

0.6

0.4

0.2

0
1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.259066 0.375261 0.343667 0.281652 0.373327 0.193519 0.301311 0.232885 0.246566 0.390832 0.225908 0.134829 0.545842 0.299938
D2 0.152018 0.195023 0.174319 0.139034 0.183997 0.125898 0.176680 0.150751 0.134620 0.199202 0.144422 0.087342 0.334726 0.172341
D3 0.988301 0.913287 0.952824 1.028025 0.968539 1.026106 0.948144 0.991814 1.049335 0.946832 1.003662 1.203115 0.742060 0.956453
D4 0.663827 0.739681 0.702930 0.658901 0.659064 0.648272 0.707854 0.713859 0.654977 0.696598 0.698776 0.515593 0.842294 0.735945
D5 0.890742 0.910381 0.904184 0.829522 0.873120 0.877058 0.886275 0.864391 0.835219 0.880698 0.867277 0.737332 0.922159 0.882252
D6 0.977491 0.982981 0.976273 0.981799 0.97128 0.982074 0.978652 0.972148 0.967796 0.966415 0.967596 0.917328 0.978674 0.973730
Year

Source: Calculated on the basis of data given in Appendix-XI

 96

Table – 4.11
Country-wise Growth Rates of Gems and Jewellery Products of Exports
(Other Gems and Jewellery Products) during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
2
Category Country CAGR t-value R F-value Ranks
Lebanon 47.01 4.672* 0.645 21.834 1
Category
Potential
High

Brazil 44.54 5.194* 0.692 26.979 2

China P RP 37.09 4.181* 0.592 17.481 3
Israel 33.61 3.748* 0.539 14.051 4
South Africa 24.81 1.162 0.101 1.351 5
Austria 23.55 1.517 0.161 2.303 6
Italy 20.09 1.987** 0.247 3.951 7
Armenia 20.07 1.684 0.191 2.837 8
Middle Potential Category

Canada 18.77 2.560** 0.353 6.558 9

Indonesia 16.62 2.186** 0.284 4.782 10
Belgium 16.36 0.935 0.068 0.875 11
Korea RP 16.13 2.442** 0.331 5.963 12
Sweden 14.44 1.871** 0.225 3.502 13
Bhamas 13.42 1.021 0.079 1.042 14
Norway 13.38 1.303 0.123 1.698 15
Finland 13.07 1.048 0.083 1.098 16
Hong Kong 12.57 2.009** 0.251 4.037 17
Korea DP RP 11.64 0.861 0.058 0.741 18
Greece 11.32 1.266 0.117 1.603 19
Qatar 10.30 1.600 0.175 2.561 20
UAE 9.80 1.220 0.110 1.488 21
Sri Lanka 9.57 0.099 0.922 0.066 22
Spain 7.83 0.898 0.063 0.807 23
Singapore 6.13 0.423 0.014 0.179 24
Switzerland 5.95 1.550 0.100 1.335 25
Chile 3.58 0.516 0.021 0.266 26
Cyprus 3.21 0.564 0.025 0.318 27
 97

Russia 2.68 0.210 0.003 0.044 28

Oman 1.70 0.220 0.004 0.048 29
Mauritius 1.59 0.285 0.006 0.081 30
New Zealand 0.99 0.142 0.001 0.020 31
USA 0.87 0.191 0.003 0.036 32
UK 0.70 0.183 0.002 0.033 33
Portugal 0.52 0.083 0.000 0.006 34
France 0.37 0.044 0.000 0.001 35
Australia 0.21 0.037 0.000 0.001 36
Low Potential Category

Germany -0.38 -0.083 0.000 0.006 37

Thailand -0.68 -0.097 0.000 0.009 38
Ireland -5.16 -0.992 0.075 0.985 39
Japan -5.79 -1.793 0.211 3.216 40
Denmark -5.83 -0.863 0.058 0.746 41
Nigeria -6.95 -1.321 0.127 1.745 42
Malaysia -7.36 -0.854 0.057 0.730 43
Kenya -8.84 -1.066 0.086 1.136 44
Soudi Arab -11.06 -1.639 0.182 2.686 45
Bahrain Is -13.21 -2.366 0.318 5.598 46
Netherland -13.83 -1.582 0.172 2.503 47
Czech Republic -15.47 -1.786 0.210 3.189 48
Taiwan -16.05 -1.920 0.235 3.687 49
Kuwait -1788 -0.647 0.033 0.419 50
Source: Ibid., Table-4.1
Note * The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

other gems and jewellery products for these countries. However, the rest of
the countries are falling in the third low potential category. After examining
t-values, the growth rates values for Lebanon, Brazil, China P RP and Israel
are positive and statistically significant at one per cent (α =0.01) level of
significance. However, Germany, Thailand, Ireland, Japan, Denmark, Saudi
 98

Arab, Nigeria, Malaysia, Kenya, Taiwan and Kuwait are negative and
statistically insignificant. All these results are based on t-test.
Table-4.12 demonstrates the descriptive statistics of the other gems and
jewellery products exports to various importing countries for the period
1996-97 to 2009-10.The column III of the Table shows the mean values of
exports for the period. Likewise, column IV depicts standard deviations of
the exports to various importing countries for the study period. The last
column of the Table gives coefficients of variations. The mean value of
exports of other gems and jewellery products has increased from 43.885 to
180.187, which is four folds increase from the year 1996-97 to 2009-10.
Table – 4.12
Descriptive Statistics of Exports of Other Gems and Jewellery Products
during the Period from 1996-97 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. Year Mean Standard Coefficient of
No. Deviation Variations
1 1996-97 43.885 113.895 259.531
2 1997-98 74.495 222.613 298.827
3 1998-99 56.308 157.998 280.596
4 1999-00 51.175 126.115 246.438
5 2000-01 52.117 150.755 289.261
6 2001-02 58.418 135.788 232.443
7 2002-03 111.032 313.928 282.735
8 2003-04 16.709 415.085 258.282
9 2004-05 247.985 599.692 241.825
10 2005-06 69.668 210.660 302.373
11 2006-07 42.427 107.000 251.953
12 2007-08 45.108 83.613 185.360
13 2008-09 179.765 720.352 400.718
14 2009-10 180.187 502.350 278.792
Source: Ibid., Table-4.1
 99

Figure – 4.7
Country Concentration Indices of Total Gems and Jewellery Exports during the Period 1990-91 to 2009-10
1.2

0.8
Index Values

0.6

0.4

0.2

0
1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
D1 0.3197 0.3239 0.3767 0.3346 0.3316 0.3106 0.3445 0.3749 0.387 0.3843 0.3695 0.3596 0.3663 0.3509 0.2948 0.2812 0.3028 0.2593 0.3838 0.4249
D2 0.1917 0.1864 0.2157 0.2054 0.2071 0.1961 0.2046 0.2223 0.2214 0.2286 0.217 0.2081 0.1975 0.2033 0.1762 0.1705 0.194 0.1874 0.2174 0.2587
D3 0.866 0.8848 0.8395 0.8387 0.8382 0.8568 0.868 0.8484 0.864 0.8379 0.8538 0.8703 0.9028 0.8754 0.9109 0.912 0.8718 0.8785 0.884 0.7827
D4 0.8223 0.8136 0.7457 0.8132 0.8402 0.8274 0.8138 0.8136 0.7949 0.8014 0.7887 0.7823 0.7157 0.7997 0.7747 0.7508 0.8132 0.8167 0.8033 0.8603
D5 0.9276 0.9206 0.8851 0.9331 0.9334 0.9328 0.9192 0.9206 0.9159 0.9264 0.9232 0.9255 0.8757 0.919 0.9244 0.9354 0.9331 0.9268 0.8986 0.9342
D6 0.9913 0.9829 0.9789 0.9823 0.9906 0.9881 0.984 0.9829 0.9801 0.9867 0.988 0.9854 0.9566 0.9846 0.9848 0.9815 0.9823 0.9839 0.9729 0.9845
Year

Source: Calculated on the basis of data given in Appendix-XIII

 100

Furthermore, the absolute dispersion measured by standard deviation has

increased from 113.895 to 502.350, which is almost five folds increase over
the study period. The coefficients of variations over the study period have
been of fluctuating nature. However, one may conclude that the stability over
the period in exports of other gems and jewellery products has improved. It is
because in the year 1996-97, the figure was 259.531 and in the year 2009-10,
the figure increased to 278.792, which means the increase in inequality of the
exports of other gems and jewellery products.
Figure-4.7 shows the value of six different measures of concentration of
total gems and jewellery exports among the fifty major importing countries
during the period 1990-91 to 2009-10. These major concentration namely,
Index of Maximum Proportion (D1), Hirschman Herfindhal Index (D2),
Entropy Index (D3), CR4 (D4), CR8 (D5) and CR16 (D6) ranges from value
0.2593 to 0.4249, 0.1705 to 0.2587, 0.8379 to 0.9120, 0.7157 to 0.8603,
0.8757 to 0.9354 and 0.9566 to 0.9913, respectively. All these measures
indicate the presence of diversification for total gems and jewellery exports
during the study period. After analyzing the figure-1, it has been observed
that the concentration measure CR16 (D6) gives high concentration figures in
comparison to CR8 (D5) and CR4 (D4).
Table-4.13 displays the country-wise growth rates of gems and jewellery
exports during the period 1990-91 to 2009-10. For the purpose of trend
analysis, the data related to gems and jewellery exports from India is divided
into two periods, i.e., 1990-91 to 1999-2000 and 2000-01 to 2009-10.
The Table demonstrates that the growth rate of China P RP, South
Africa, Honduras, Lebanon, Fiji Is, Turkey and Argentina are highest among
the fifty major importing countries of gems and jewellery products for the
period 1990-91 to 2009-10. The most of the growth rates are statistically
significant at one per cent and some other growth rates are significant at ten
per cent level of significance which are confirmed by the t-values. The
growth rate of Indian gems and jewellery exports during the period 1990-91
to 2009-10 presents a rosy picture for the future.
By seeing the trends of growth rate in the period 1990-91 to 1999-2000,
 101

Table – 4.13
Country-wise Growth Rates of Total Gems and Jewellery Products
during the Period from 1990-91 to 2009-10
(Values in Rs. Lacs)
2
Sr. No. Country CAGR t-value R F-value
1 U.S.A. 13.97 14.590* 0.922 212.89
α 22.58 15.620* 0.968 243.988
β 6.65 7.501* 0.875 56.275
2 U.A.E. 39.1 23.391* 0.968 547.16
α 28.11 5.925* 0.814 35.111
β 45.31 13.673* 0.958 186.964
3 Hong Kong 18.38 17.402* 0.943 302.831
α 27.54 8.493* 0.900 72.143
β 16.67 16.335* 0.970 266.853
4 Belgium 11.75 21.705* 0.963 471.141
α 16.59 17.595* 0.974 309.599
β 8.83 9.336* 0.915 87.171
5 Singapore 19.09 8.548* 0.802 73.076
α 18.99 4.929* 0.752 24.297
β 15.34 1.815** 0.291 3.295
6 Israel 22.27 17.863* 0.946 319.119
α 33.26 17.115* 0.973 292.95
β 14.68 5.753* 0.805 33.099
7 Japan 1.68 1.849** 0.159 3.419
α 4.94 1.691 0.263 2.862
β -2.29 -1.262 0.166 1.594
8 Thailand 11.43 10.841* 0.867 117.539
α 13.57 3.577* 0.615 12.799
β 6.139 4.389* 0.706 19.263
9 U.K. 15.67 18.189* 0.948 330.839
α 20.75 11.499* 0.942 132.232
 102

β 11.38 4.907* 0.750 24.082

10 Switzerland 11.24 8.531* 0.801 72.791
α 20.22 11.193* 0.939 125.304
β 1.15 0.443 0.023 0.196
11 Australia 19.92 28.410* 0.978 807.173
α 14.46 15.945* 0.969 254.25
β 24.82 15.756* 0.968 248.257
12 Canada 20.00 12.222* 0.892 149.396
α 38.23 13.921* 0.96 193.814
β 13.63 5.904* 0.813 34.863
13 France 11.52 12.771* 0.900 163.118
α 15.25 10.642* 0.934 113.259
β 13.83 4.328* 0.700 18.737
14 Germany 10.80 9.754* 0.840 95.155
α 15.16 10.322* 0.930 106.558
β 14.51 3.628* 0.621 13.163
15 Italy 20.2 14.848* 0.924 220.463
α 16.99 3.633* 0.622 13.199
β 17.04 6.039* 0.820 36.472
16 Kenya 28.18 4.278* 0.504 18.308
α 57.01 2.307** 0.399 5.322
β 23.49 1.619 0.246 2.623
17 Argentina 50.32 7.536* 0.759 56.795
α 98.82 5.978* 0.817 35.746
β 31.53 1.655 0.255 2.741
18 Austria 7.28 3.039* 0.339 9.235
α 26.07 5.619* 0.797 31.573
β 6.99 1.039 0.118 1.080
19 Bahamas 49.83 3.599* 0.418 12.959
α -7.65 -0.223 0.006 0.050
β 71.66 2.073** 0.349 4.300
 103

20 Bharain Is 19.47 6.823* 0.721 46.564

α 37.82 4.971* 0.755 24.712
β 15.34 1.976** 0.328 3.908
21 Chile 45.05 4.978* 0.579 24.781
α 93.24 2.944* 0.52 8.671
β 37.63 1.608 0.244 2.587
22 Puerto Rico 37.39 4.218* 0.497 17.797
α 5.62 0.562 0.038 0.316
β 50.38 1.415 0.200 2.002
23 China P RP 86.11 9.427* 0.831 88.868
α 120.31 3.260* 0.570 10.63
β 126.05 8.572* 0.901 73.481
24 Cyprus -7.52 -2.176 0.208 4.736
α 28.85 6.940* 0.857 48.164
β -20.94 -3.441 0.596 11.84
25 Denmark 20.07 7.512* 0.758 56.431
α 43.72 7.703* 0.881 59.341
β 25.48 4.001* 0.666 16.009
26 Finland 25.13 13.152* 0.905 172.981
α 24.10 5.097* 0.764 25.981
β 22.73 3.511* 0.606 12.327
27 Malaysia 22.04 12.721* 0.899 161.824
α 17.25 3.384* 0.588 11.457
β 19.89 4.132* 0.681 17.081
28 Kuwait 8.59 3.172* 0.358 10.064
α 30.42 4.605* 0.726 21.206
β 7.64 1.149 0.141 1.322
29 Fiji Is 61.73 6.483* 0.700 42.035
α 137.16 4.193* 0.687 17.586
β -5.65 -1.241 0.161 1.541
30 Indonesia 14.3 2.418** 0.245 5.851
 104

α 21.11 0.961 0.103 0.924

β 26.24 2.002** 0.333 4.008
31 Greece 16.74 5.478* 0.625 30.014
α 22.91 2.015** 0.336 4.063
β 12.80 2.031** 0.340 4.127
32 Honduras 63.85 4.106* 0.483 16.86
α 1.81 0.041 0.0001 0.001
β 27.88 1.624 0.248 2.640
33 Ireland 17.76 5.765* 0.648 33.245
α 21.70 1.842* 0.297 3.393
β 8.56 1.749** 0.276 3.059
34 Korea RP 38.73 13.742* 0.912 188.863
α 24.74 5.700* 0.802 32.497
β 51.82 5.237* 0.774 27.432
35 Lebanon 62.77 7.176* 0.741 51.499
α 172.08 5.860* 0.811 34.345
β 8.83 2.781* 0.491 7.739
36 Mauritius 27.32 3.876* 0.454 15.025
α 125.84 5.899* 0.813 34.806
β 12.56 1.821** 0.293 3.316
37 Netherland 7.21 3.453* 0.398 11.927
α 8.32 1.886** 0.307 3.558
β 5.46 0.715 0.060 0.512
38 New Zealand 13.48 16.566* 0.938 274.457
α 12.36 4.162* 0.684 17.325
β 15.18 9.264* 0.914 85.840
39 Norway 19.22 6.038* 0.669 36.460
α 49.39 12.092* 0.948 146.210
β 12.58 1.425 0.202 2.032
40 Oman 4.41 2.071** 0.192 4.291
α 14.24 2.567** 0.451 6.592
 105

β 6.26 0.969 0.105 0.939

41 Poland 45.32 7.493* 0.757 56.198
α 32.70 1.674 0.259 2.805
β 83.16 6.578* 0.843 43.277
42 Qatar 5.88 2.110** 0.198 4.453
α 20.04 2.653** 0.468 7.042
β 17.89 2.586** 0.455 6.688
43 Russia 40.96 4.231* 0.498 17.907
α 138.11 3.443* 0.597 11.856
β 24.68 1.725** 0.271 2.976
44 Saudi Arab 19.8 5.986* 0.665 35.834
α 51.87 6.566* 0.843 43.115
β 26.42 4.060* 0.673 16.491
45 South Africa 70.63 9.2318 0.825 85.224
α 168.56 6.596* 0.844 43.51
β 31.96 4.649* 0.729 21.614
46 Spain 24.04 18.062* 0.947 326.239
α 32.06 7.087* 0.862 50.231
β 21.68 9.112* 0.912 83.045
47 Sri Lanka 20.51 4.839* 0.565 23.423
α 51.56 4.179* 0.685 17.467
β 5.03 0.551 0.036 0.304
48 Sweden 22.06 6.979* 0.730 48.716
α 41.67 4.429* 0.710 19.619
β 14.24 1.854** 0.300 3.439
49 Maxico -73.32 4.895* 0.571 23.968
α 30.91 1.421 0.201 2.021
β 12.11 0.947 0.100 0.897
50 Turkey 52.59 10.687* 0.863 114.232
α 53.80 2.826** 0.499 7.988
β 33.80 5.628* 0.798 31.683
 106

51 Others 35.26 10.222* 0.853 104.491

α 37.3 4.690* 0.733 22.004
β 25.63 2.228** 0.382 4.965
Source: Calculated on the basis of data collected from Foreign Trade Statistics of India, Director
General of Commercial Intelligence and Statistics (DGCI&S), Ministry of Commerce,
Government of India, Kolkata.
Note: α Denote the period from 1990-91 to 1999-2000.
β Denote the period from 2000-2001 to 2009-2010
* The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

it is clear that the growth rate of gems and jewellery exports from India to
various importing countries have increased much more as compared to total
period of twenty years, i.e., 1990-91 to 2009-10. For example, the growth
rate of the USA, Hong Kong, Belgium, Israel, Japan, Thailand, the UK,
Switzerland, Canada, France, Germany, Kenya, Argentina, Austria, Bahrain
Is, Chile, China P RP, Cyprus, Denmark, Kuwait, Fiji Is, Indonesia, Greece,
Ireland, Lebanon, Mauritius, Netherland, Norway, Oman, Qatar, Russia,
Saudi Arab, South Africa, Spain, Sri Lanka, Sweden and Turkey were higher
as compared to the total period. The increasing growth rate of gems and
jewellery exports for the period 1990-91 to 1999-2000 stresses the positive
effects of Globalization, Privatization and Liberalization (LPG) on exports of
gems and jewellery products.
The Table also represents the growth rate of gems and jewellery exports
for the period 2000-2001 to 2009-10. After studying the growth rate of gems
and jewellery exports from India to various importing countries during the
period 2000-01 to 2009-10, we can conclude that the growth rate of some
countries have increased but also have decreased for some countries as
compared to total period of twenty years (1990-91 to 2009-10). For example,
the growth rate of the UAE, Australia, France, Bhamas, Puerto Rico, China P
RP, Denmark, Indonesia, Korea RP, New Zealand, Oman, Poland, Qatar,
Saudi Arab and Maxico was higher as compared to the total period. On the
other hand, some countries have been showing negative trends in the period
2000-01 to 2009-10, which shows the negative effect of LPG and some other
 107

factors related to supply of India’s gems and jewellery exports during the
period 2000-01 to 2009-10.
Table-4.14 illustrates the descriptive statistics of the total gems and
jewellery exports to various countries during the period from 1990-91 to
Table – 4.14
Descriptive Statistics of Total Gems and Jewellery Exports during the
Period 1990-91 to 2009-10
(Values in Rs. Lacs)
I II III IV V
Sr. Year Mean Standard Coefficient of
No. Deviation Variations
1 1990-91 10215.762 30573.639 299.279
2 1991-92 13235.502 38990.765 294.592
3 1992-93 17331.594 55363.745 319.438
4 1993-94 24573.260 76410.456 310.949
5 1994-95 27712.857 86561.470 312.351
6 1995-96 34597.979 104862.562 303.088
7 1996-97 33024.528 102452.211 310.231
8 1997-98 37281.477 121087.270 324.792
9 1998-99 48703.342 157807.613 324.180
10 1999-00 64880.407 213967.607 329.787
11 2000-01 66197.463 212175.043 320.518
12 2001-02 68318.241 213973.177 313.200
13 2002-03 84013.470 255632.852 304.276
14 2003-04 94693.840 292727.824 309.130
15 2004-05 120746.225 344699.300 285.474
16 2005-06 134960.982 378231.436 280.252
17 2006-07 138283.232 416508.060 301.199
18 2007-08 155180.209 458559.498 295.501
19 2008-09 249851.631 801616.630 320.837
20 2009-10 269020.223 948820.895 352.695
Source: Ibid., Table 4.13.
 108

2009-10. The column III of the Table displays the mean values of total gems
and jewellery exports for the study period. Similarly, column IV depicts
standard deviations of the year-wise exports to various countries, which
highlights the dispersion among the importing countries. The last column of
the table provides coefficients of variations, which is considered as relative
measures of inequality, in gems and jewellery exports of India. The mean
value of year-wise total exports of gems and jewellery has increased from
10,215.762 to 2,69,020.223 which is twenty six times increase from the year
1990-91 to 2009-10. Further, absolute dispersion measured by standard
deviation has increased from 30,573.639 to 9,48,820.895 which is thirty one
fold increase in twenty years (1990-91 to 2009-10). Likewise, the
coefficients of variations during the study period have been of fluctuating
nature. However, one may conclude that the stability over the study period in
the exports of gems and jewellery has, to some extent, improved. It is
because in the year 1990-91, the figure was 299.279 and in the year 2009-10
the figure increased to 352.695. Obviously, it signifies the presence of
diversification of the gems and jewellery exports from India to various
importing countries.
Table-4.15 reveals the growth rate and ranks of fifty major importing
countries of India’s gems and jewellery exports during the period 1990-91 to
2009-10. The Table displays that China P RP, South Africa, Honduras,
Lebanon, Fiji Is, Turkey, Argentina, Bhamas, Poland, Chile and Russia are
the eleven largest importers of India’s gems and jewellery products in the
world. From the Table it is also clear that South Africa, China P RP,
Honduras, Lebanon, Fiji Is, Turkey and Argentina are very lucrative markets
for the Indian gems and jewellery products not only because of being the
largest rank (1 to 7), but also due to their continuous positive annual growth
rate, i.e., 86.11, 70.63, 63.85, 61.73, 52.59 and 50.32 per cent, respectively.
Further, the next thirty two countries come in the middle potential category
which indicates only marginal demand for Indian gems and jewellery
exports. Moreover, the category of low potential countries consisting of Aus-
tria, Kuwait and Netherland have been positive and statistically significant at
 109

Table – 4.15
Country-wise/Rank-wise Growth Rates of Exports of Gems and
Jewellery Products during the Period from 1990-91 to 2009-10
(Values in Rs. Lacs)
Country CAGR Ranks
China P RP 86.11 (9.427*) 1
South Africa 70.63 (9.231*) 2
Honduras 63.85 (4.106*) 3
Lebanon 62.77 (7.176*) 4
Fiji Is 61.73 (6.483*) 5
Turkey 52.59 (10.687*) 6
Argentina 50.32 (7.536*) 7
Bahamas 49.83 (3.599*) 8
Poland 45.32 (7.493*) 9
Chile 45.05 (4.978*) 10
Russia 40.96 (4.231*) 11
U.A.E. 39.10 (23.391*) 12
Korea RP 38.73 (13.742*) 13
Puerto Rico 37.39 (4.218*) 14
Others 35.26 (10.222*) 15
Kenya 28.18 (4.278*) 16
Mauritius 27.32 (3.876*) 17
Finland 25.13 (13.152*) 18
Spain 24.04 (18.062*) 19
Israel 22.27 (17.863*) 20
Sweden 22.06 (6.979*) 21
Malaysia 22.04 (12.721*) 22
Sri Lanka 20.51 (4.839*) 23
Italy 20.20 (14.848*) 24
Denmark 20.07 (7.512*) 25
Canada 20.00 (12.222*) 26
 110

Australia 19.92 (28.410*) 29

Saudi Arab 19.80 (5.986*) 27
Bharain Is 19.47 (6.823*) 28
Norway 19.22 (6.038*) 30
Singapore 19.09 (8.548*) 31
Hong Kong 18.38 (17.402*) 32
Ireland 17.76 (5.765*) 33
Greece 16.74 (5.478*) 34
U.K. 15.67 (18.189*) 35
Indonesia 14.30 (2.418**) 36
U.S.A. 13.97 (14.590*) 37
New Zealand 13.48 (16.566*) 38
Belgium 11.75 (21.705*) 39
France 11.52 (12.771*) 40
Thailand 11.43 (10.841*) 41
Switzerland 11.24 (8.531*) 42
Germany 10.80 (9.754*) 43
Kuwait 8.59 (3.172*) 44
Austria 7.28 (3.039*) 45
Netherland 7.21 (3.453*) 46
Qatar 5.88 (2.110**) 47
Oman 4.41 (2.071**) 48
Japan 1.68 (1.849**) 49
Cyprus -7.52 (-2.176) 50
Maxico -73.32 (4.895) 51
Source: Ibid., Table 4.13.
Note: Figures in parentheses are t-values.
* The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

one per cent (α = 0.01) level of significance. Likewise, the growth rate of
Maxico and Cyprus is negative and statistically insignificant and all these
 111

values are confirmed by t-value, ANOVA (F-value) and R2. It is clear from
the Table that the world trading system is constantly creating new
opportunities and new trends for the developed as well as developing
countries.
Table-4.16 displays the comparative picture of the product-wise growth
rate of gems and jewellery products exports during the period 1990-91 to
2009-10. Further, for the purpose of trend analysis, the data related to gems
and jewellery products exports from India is divided into two periods,
Table -4.16
Growth Rates of the Exports of Gems and Jewellery Products
(Item-wise) during the Period from 1990-91 to 2009-10
(Values in Rs. Crores)
Sr. Product CAGR t-value R2 F-value
No.
1 Cut and Polished Diamonds 14.39 22.689* 0.966 514.803
α 19.41 12.343* 0.950 152.350
β 11.83 9.912* 0.924 98.249
2 Gold Jewellery 25.90 37.517* 0.987 1407.578
α 29.84 16.555* 0.971 274.089
β 26.78 14.142* 0.961 200.011
3 Coloured Gemstones 9.55 12.733* 0.900 162.135
α 16.27 12.508* 0.951 156.461
β 4.80 4.851* 0.746 23.532
4 Non-Gold Jewellery 26.92 21.367* 0.962 456.560
α 37.43 10.901* 0.936 118.834
β 21.01 10.836* 0.936 117.434
5 Costume/Fashion Jewellery 13.2 5.649* 0.639 31.920
α 25.34 3.525* 0.608 12.430
β -0.47 -0.135 0.002 0.018
6 Pearls 1.63 1.744 0.144 3.043
α 7.61 3.934* 0.659 15.477
β 0.81 0.297 0.010 0.088
 112

7 Synthetic Stones 3.80 1.237 0.082 1.530

α 36.73 4.767* 0.739 22.724
β -4.23 -1.307 0.175 1.708
8 Rough Diamonds 27.03 11.566* 0.911 133.774
α 142.21 5.988* 0.817 35.860
β 19.80 5.987* 0.817 35.847
9 Total 16.59 30.741* 0.981 945.013
α 20.7 14.969* 0.965 224.094
β 15.27 13.140* 0.955 172.672
Source: Ibid., Table 3.1.
Note: α Denote the period from 1990-91 to 1999-2000.
β Denote the period from 2000-2001 to 2009-2010.
* The coefficients are significant at α = 0.01.
** The coefficients are significant at α = 0.10.

i.e., 1990-91 to 1999-2000 and 2000-01 to 2009-10. From the Table it is clear
that during the period 1990-91 to 1999-2000 the growth rates of all gems and
jewellery products like cut and polished diamonds, gold jewellery, coloured
gemstones, non-gold jewellery, costume/fashion jewellery, pearls, synthetic
stones, rough diamonds and total of gems and jewellery have been showing
high growth rates as compared to the total period (1990-91 to 2009-10). And,
after examining the t-value, most of the growth rates are statistically
significant at one per cent (α = 0.01) level of significance.