Gems and Jewellery exports from India would exceed $10 billion in 2003-04 as against the $9.1 billion in the last fiscal even as exporters have set a target of $16 billion by 2007.

"We will close this financial year with total exports of more than $10 billion this fiscal and are aiming to achieve exports worth $16 billion by the year 2007," Gems and Jewellery Export Promotion Council Chairman Sanjay Kothari said at a CII seminar on exports in Mumbai.

He said the council was targeting to make India, which is currently the largest diamond cutting and polishing centre, a world leader in jewellery and coloured gemstones.

"After being the leader in cutting and polishing, we want to develop the country as the biggest jewellery manufacturer and trading centre in the world," he said.

India has become largest diamond polishing and cutting centre in the world dislodging Israel and Belgium and currently exports 85 per cent of the world's cut and polished diamonds.

Over the last one decade, since the opening up of gold imports, the country has progressed in the jewellery manufacture and coloured gemstones with about 17 per cent share in the jewellery and 5 per cent in coloured gemstones.

The sector provided jobs to about one million people in the country and had a potential to employ another one million, he said, adding that the strides in the sector were achieved due to pragmatic policies of the government and entrepreneurship of the exporters.