According to a report from Gems and Jewellery Export Promotion Council (GJEPC), India's gems and jewellery outward shipments had witnessed a 3.7 percent drop at $2.78 billion in November. Earlier in October this year, the exports had witnessed a decline of about 20 percent.
Gold medallions and coins segments saw maximum decline of 35 percent, followed by coloured gemstones (21 percent) and gold jewellery (10 percent). Exports of these items stood at $2.89 billion in November last year. However, as per GJEPC, “There is some improvement in demand from the US market. But the European market is still weak which is hitting our exports”. In April-November this year, gems and jewellery exports declined 12 percent to $25.4 billion compared to the same period last fiscal.
Gems and jewellery exports sector, which employs 1.5 million people, constitute 17 percent of India's total exports. The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.
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