India's Gems and Jewellery Export Promotion Council said the country's exports of gems and jewellery will be able to maintain its growth forecast at 15 per cent for the 2011-2012 fiscal year.

Rising prices of gold and diamonds will help the sector sustain its target, with actual amount yield expected at $49.5 billion during the 2011-12 fiscal year.

"The first eight months have been okay for us and I believe the growth momentum will be maintained in the remaining months of the current fiscal," the Economic Times said, quoting Rajiv Jain, GJEPC chairman.

Prices of gold, diamonds and colored stones have grown 12 per cent to 13 per cent in the first eight months alone, Jain said.

From April to November, gem and jewellery exports of India soared 15.5 per cent to $29.1 billion compared a year ago.

Demand for jewellery exports did not grow much, "but exports are growing in terms of value. These export figures are reflective of an increase in gold and diamond prices," Jain said.

The United Arab Emirates is India's major market for its gems and jewellery exports, accounting 43 per cent of overseas shipments, Hong Kong is second at 30 per cent and the US at 17 per cent.

Apart from Russia, Indian exporters are scouting new markets in other countries to sell their products, particularly Latin America and Africa, Jain said.

In the 2010-11 fiscal year, India's exports of gem and jewellery stood at $43 billion, the council said.