India's gems and jewellery exports are likely to increase by 15% to $45 billion in the current fiscal on revival in global demand, especially in the US, export promotion body GJEPC said today.

The country is estimated to have exported $39 billion worth various precious gems and jewellery in the 2012-13 fiscal, it said.

"We expect our exports to increase by 15% in the ongoing 2013-14 fiscal," Gems and Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah said on the sidelines of India Gems and Jewellery Fair 2013 here.

The demand in the US market is improving, but recovery in the European market would take some more time, he said.

The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong. The exporters are focusing on new markets like Latin America, Russia and Africa, he added.

Shah added that total exports in the last year fell by 9.3% in dollar terms mainly because of sluggish demand in the wake of global economic slowdown.

Gems and jewellery constitute 17% of India's total exports and the sector employs 1.5 million people.