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Gems, jewellery exports decline 6.77% in Apr-Nov 2018: GJEPC

Monday, January 07, 2019

The country's gems and jewellery exports contracted by 6.77% to USD 20.74 billion in April-November this fiscal, mainly on account of demand slowdown in major developed markets.

According to the Gems and Jewellery Export Promotion Council (GJEPC) data, exports stood at USD 22.24 billion in April-November period of 2017-18.

The labour-intensive sector contributes about 14% to the country's overall exports.

The decline in shipments is mainly due to negative growth in the export of silver jewellery, gold medallions and coins, along with a rise in the return of consignments.

As per the data, silver jewellery shipments during the period dipped by 82.6% to USD 503 million. Similarly, export of gold medallions and coins contracted by 84.7% during the eight months of 2018-19.

Shipments of rough diamonds too reported a negative growth of 13.4%. But, exports of cut and polished diamonds grew by 6% to USD 16.5 billion during the period under review.

Gold jewellery shipments increased to USD 8 billion during the period from USD 6 billion in April-November last fiscal.

India's main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country's total gems and jewellery exports.

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