In the previous month, the exports had jumped by 17 per cent. The exports stood at US$ 3.1 billion in July last fiscal, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.
Exporters said the demand from the main markets like the the US and Europe had shown a sluggish trend, which led to the decline in gems and jewellery exports. While the US accounts for about 25 per cent of the country’s total gems and jewellery exports, Europe contributes 20 per cent.
“There are less number of orders from markets like the US and European markets,” GJEPC Chairman Rajiv Jain said.
However, he added that demand from new markets like Russia, Latin America and Africa is increasing. Traders are worried that the debt crisis in the Western world may hit demand and lead to payment problems.
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