It might be interesting to note that the same target was fixed even for 1997-98, but it remained a far-cry, particularly in view of currency turmoil in some East Asian countries and recession in Japan. Though these markets remain in doldrums even now, the trade is hopeful of achieving the same target this year as the US demand remains strong and the European markets are also reviving. The pre-Christmas season is round the corner and the current year has already made an encouraging start with actual exports in the first two months (April-May) being higher by 17.05 per cent at $659.91 million compared with $563.76 million in the same period a year earlier.

The target for gold jewellery export for the current year is fixed at $900 million against actual dispatches worth $839.48 million in 1997-98 and the tradeis confident of achieving it.

Meanwhile, the diamond industry has started earnest efforts to procure some rough diamonds directly from Russia. A delegation sponsored by the Gem and Jewellery Export Promotion Council (GJEPC) visited Moscow recently for the purpose. It was accompanied by a representative of the union commerce ministry.

Under a 13-month contract expiring in December 1998, Russia sells a substantial portion of its current production of rough diamonds directly to the Central Selling Organisation, but this contract also provides for a substantially larger open-market window for Russia than under the earlier five-year deal. Annual production by Russia is placed at $1.4 billion.

Besides, Russia is having a substantial stockpile of rough diamonds whose size remains unknown. It has been effecting from time to time sales of roughs even from this stock in the open market.

It appears that the GJEPC delegation tried to impress upon Russian authorities that irregular sales by them in the open marketunder the market window facility unnecessarily disturbed the prices which were not in their interest. Instead of doing so, Russia can well effect such sales to the Indian industry by bringing its market-window roughs to India. The present Indian policy provides for such imports into the free-trade zone. Even outside the zone, such imports can be made in the bonded warehouse and sales can be made to Indian firms holding import licences.