Jewellery exports decline 12% in IndiaJewellery

Gems and jewellery exports declined by 12 per cent year-on-year to $3.2 billion in May on account of weak demand in major markets like Europe. The exports stood at USD 3.7 billion in the same period last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). The major markets for the country’s jewellery include Europe, the US, the UAE and Hong Kong. Jain said another reason for drop in these exports was the imposition of two per cent customs duty on imports of cut and polished diamonds in the budget which affected the country’s diamond trading activities.