Colombian Emerald Exports to Rebound on India Demand

by Dave

BusinessWeek

Colombia, producer of the world’s largest emeralds, expects to boost export sales by about half this year as buyers in India spur a recovery in demand.

Exports of the gems mined mainly in the mountains of central Colombia will rise to about $120 million this year, from $80 million in 2009, Oscar Baquero, president of the nation’s Emerald Federation, said in an interview yesterday in Bogota.

“The market now is Asia,” he said from an office above downtown streets crowded with stores showcasing the gems. “They are getting rich quickly. They want things that show status.” Asian economies are buying more Colombian gems, coal and oil, increasing exports from the South American nation while demand in traditional markets such as the U.S. falters.

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