Gems and jewellery exports down 20%

Gems and jewellery exports declined 20 per cent to USD 2.7 billion in October due to weak demand in western markets, according to the data provided by GJEP.

In October last year, these exports stood at USD 3.39 billion.

"The demand for gems and jewellery items is still sluggish in the US and European markets. This is hitting our exports," an official of the Gems and Jewellery Export Promotion Council (GJEP) said.

Major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.

In the beginning of the fiscal, the council had estimated that gems and jewellery exports would touch USD 40 billion in 2012-13.

However, during April-October 2012, these exports dropped 13.1 per cent stood at USD 22.5 billion compared to USD 25.9 billion.

Gems and jewellery exports sector which employs 1.5 million people constitute 17 per cent of India's total exports.

During 2011-12, these exports were worth USD 43 billion.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus