Eyeing a big market, jewellery and diamond exporters in India have decided to target Commonwealth of Independent States and East European nations.

In a bid to achieve Rs 87,200 crore (Rs 872 billion) export target in 2007-08 (April-March), the traders have set plans to forge alliances with prominent companies in CIS and East European nations.

The CIS countries and East European countries offer tremendous business potential to Indian gem and jewellery sector, with a market size of Rs 26200-30500 crore (Rs 262-305 billion).

Last week, the council organised a buyer-seller meet, where a 70-member delegation representing 60 companies from 12 CIS and East European countries like Poland, Czech Republic visited 26 prominent Indian exporters in Mumbai to enhance bilateral relations.

The delegation has shown interest in buying plain and diamond-studded jewellery designs made in 18, 21, and 22 carat gold, platinum and silver, besides diamonds and coloured stones.

A couple of months back, a Gem & Jewellery Export Promotion Council delegation had visited CIS countries to enhance trade there.

With exports of over $16.5 billion in 2005-06, the gem and jewellery sector is one of the largest foreign exchange earner for the country.