Gems & Jewellery exports have declined by huge 15% in the month of December as compared to the same period last year. According to the Gems and Jewellery Export Promotion Council (GJEPC) India exported jewellery worth $3 billion in the month of December against $3.5 billion in December 2011.
The exports decline was mainly due to a slowdown in demand in the US and EU markets. According to the GJEPC Chairman Rajiv Jain, “There has been a demand slowdown for our products mostly from the western markets like the US and EU'.
Exports of cut and polished diamonds in December declined by 40% year-on-year in dollar terms. In volume terms, exports fell by 31%, to 36.38 lakh carats. Exports of cut and polished diamonds from India during the nine-month period of April-December 2011 lower by 5% in dollar terms. However, gold jewellery exports saw robust growth during December by 41% to $778.37 million. While, during the same period, silver jewellery exports too moved up, partly due to the low base effect. During the April-December period, gems and jewellery exports have grown 11.65% to $32.1 billion, compared to the same period last fiscal.
Exporters are now exploring new markets like Latin America, Africa and Russia to reduce dependence on traditional markets. Other major markets for the country's gems and jewellery exports include the UAE and Hong Kong. India mainly imports gold and rough diamonds in large quantities and re-exports value-added items like jewellery.
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