Reports state that Hong Kong’s jewellery exports have scaled up by 17% to value at HK$33.8 billion ($4.3 billion) in 2007. Its exports have been encouraged by the strong emerging markets like Russia, India, China and the Middle East. The exports to Russia have grown by 177% indicating its emerging significance. India too is considering trade cooperation with Russia. The United Arab Emirates accounted for a 39% in imports from Hong Kong, during last year. The imports from India were up by 45%, as compared to the figures of last year. $$ While the more developed markets; US and Europe have also been large consumers of HK’s exports. UK accounted for a 44.6% increase in the imports from HK and exports to UK were up by 23.5% , over the January to November 2007 months.