Gems and jewellery exports decline by 4.65% in Apr-Dec FY’18
The Dollar Business Bureau
India’s gems and jewellery exports dropped by 4.65% to around $25 billion during the nine-month period of the current fiscal due to sluggish demand in major international markets, including the US.
The exports from the sector were $26.1 billion during April-December period last year, according to the date by Gems and Jewellery Export Promotion Council (GJEPC). The decline in exports is owing to the negative growth in the outward shipments of gold jewellery and gold coins and medallions.
During the given period, gold jewellery exports contracted by 4% to $7 billion, according to the data. Similarly, shipments of gold medallions and coins dipped by around 55% during the period.
On the other hand, exports of silver jewellery increased by 16.28% to $3.11 billion during the April-December period of this fiscal. In addition, exports of cut and polished diamonds recorded a marginal growth of 1.85% during the period.
During the given period, consignments amounting to $5.82 billion were returned as against the $5.83 billion during the similar period a year ago.
However, import of rough diamonds went up by 10.87% to around $14 billion in the nine-month period. Similarly, import of gold bars rose by 13% to $3.87 billion.
Gems and jewellery, a labour-intensive sector, contributes around 14% to the overall exports from the country. The industry has urged the Government to provide support in terms of enhancing incentives under the Merchandise Exports from India Scheme (MEIS) in order to boost shipments.
India's major export markets are the US, Japan, Europe and China. The US accounts for around one-fourth of the overall gems and jewellery exports.