The article presents a telemetry system for monitoring the bit trajectory during well drilling. Fiber-optic closed-loop gyroscopes are the main sensitive element in the telemetry system. The gyroscopes allow determining the azimuth and zenith angles of the well with a high accuracy exceeding most magnetometers. There is no need to use the expensive non-magnetic steels in the body of the telemetry system and non-magnetic drill pipes in the drill string. Fiber-optic closed-loop gyroscopes allow using the telemetry system when drilling near the casing of adjacent wells and magnetized rocks. An inertial navigation system is installed in the developed telemetry system as a measuring unit containing three angular velocity sensors and three accelerometers mounted rigidly. The sequence and results of simulation of a hydraulic link for data transmission from the bottom of the well to the top are described. Pilot tests of the telemetry system were carried out at well No. 450 of the Tatsuksinskoye field. The obtained values of the spatial intensity of the borehole curvature in depth are close in values to the directional survey data for the borehole. The trajectory obtained during the lift is close to the trajectory gathered from directional survey data.