As a cause of worry, India's gold jewellery exports plunged by 70% year-on-year to $441.41 million in July on account of shortage of precious metal and limited inventory in domestic market. In July last year, the exports stood at $1.5 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
Further, gold medallions and coins exports have also witnessed a sharp decline of 63.3% to $112.83 million in July 2013 compared to a year-ago period. However, silver jewellery exports saw a robust jump of 184% to $109 million during the period under review. With this, the country's total gems and jewellery exports fell about 17 per cent to $2.49 billion.
The country’s exports fell mainly on account of shortage of precious metal, given that government had taken steps to curb gold imports. Marking the third increase in gold import duty, the government on July 13 hiked the customs duty on gold, silver and platinum to 10%.
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