Gems, jewellery exports dip 7 per cent in Apr-Aug

Gems and jewelry exports have declined by 7 per cent to USD 12.4 billion during April-August 2019-20 on account of slowdown in demand in major developed markets.

According to data from the Gems and Jewellery Export Promotion Council (GJEPC), the value of exports stood at USD 13.4 billion in the year-ago period.

The labor-intensive sector contributes about 15 per cent to the country's overall exports.

The decline in shipments is mainly due to negative growth in the export of gold jewelry, coloured gem stones, and cut and polished diamonds.

As per the data, the export of coloured gem stones, and cut and polished diamonds during April-August 2019-20 contracted by 10.5 per cent and 19 per cent, respectively.

However, exports of gold medallions and coins, and silver jewellery have recorded a growth of 89.4 per cent and 83 per cent, respectively.

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 jewelry exports.

According to the data of the Council, imports of rough diamonds contracted 25 per cent to USD 5.4 billion, while that of the gold bar by 6.7 per cent to USD 3.4 billion.