Exports of gems and jewellery likely to touch $60 bn by 2022, GJEPC
The Dollar Business Bureau According to the recent data given by the Gems and Jewellery Export Promotion Council (GJEPC), the gems and jewellery exports is likely to touch the $60 billion mark in the next five years from the present $43 billion. Exports increased by about 4% to $9.17 billion in the first quarter of the FY2017, driven mostly due to the demand from major markets like US. In the last financial year, gems and jewellery exports aggregated to $8.84 billion. The Export Promotion Council in its bid to increase its exports by 40% in the next 5 years has prepared a plan, which it presented to the Prime Minister. The plan titled, ‘Vision 2022’ has provisions for setting up jewellery parks ...
Ind-Ra predicts negative outlook for diamond exporters in FY18
The Dollar Business Bureau India Ratings and Research (Ind-Ra) on Friday said that it has kept a negative outlook on the cut and polished diamond exporters and a stable one on the organised jewellery retailers for the financial year 2017-18. According to the World Gold Council (WGC), the demand for gold jewellery in India fell steeply by 22% year-on-year to reach a 7-year low of 522 MT in 2016. The demand was severely impacted due to several events that occurred last year like country-wide strikes by jewellers and the severe cash crunch due to the withdrawal of 500 and 100 rupee notes by the Government. After a four-month disruption on both supply and demand side, the decline in consumers demand was led due ...
Price rise, weak demand for specific diamonds affect Indian G&J industry
Sai Nikesh | The Dollar Business A weak demand for polished diamonds locally and globally is likely to affect India’s rough diamond imports, which is likely to decline by 10-15% in the current year, said news reports on Tuesday. Speaking to The Dollar Business, Sabyasachi Ray, ED, Gems & Jewelry Export Council (GJEPC), said the profitability of the industry has suffered due to high prices of rough diamonds and lesser demand for polished diamonds. Taking this and other scenarios, including the increasing cost of finance of Indian banks and undisclosed mixing of synthetic/lab grown diamonds, the business sentiment is not that conducive and the manufacturers have cut down their production from 10-40% in different cases which has resulted in the overall ...
