<p>Gems and jewellery exports have fallen into the negative zone - down 15 per cent year-on-year - to USD 3 billion in December due to poor demand from Europe and the US.<br /><br /></p>.<p>The exports stood at USD 3.5 billion in the same period last year, according to the Gems and Jewellery Export Promotion Council (GJEPC).<br /><br />In May, the overseas shipments had logged in 33 per cent growth, touching the peak this fiscal.<br />"There has been a demand slowdown for our products mostly from the western markets like the US and EU," GJEPC Chairman Rajiv Jain said.<br /><br />The major markets for the country's gems and jewellery exports also include the UAE and Hong Kong.<br /><br />During the April-December period this fiscal, gems and jewellery exports have grown 11.65 per cent to USD 32.1 billion, compared to the same period last fiscal.<br /><br />To reduce dependence on traditional markets, the exporters are exploring new markets like Latin America, Africa and Russia.<br /><br />India mainly imports gold and rough diamonds in large quantities and re-exports value-added items like jewellery.</p>
<p>Gems and jewellery exports have fallen into the negative zone - down 15 per cent year-on-year - to USD 3 billion in December due to poor demand from Europe and the US.<br /><br /></p>.<p>The exports stood at USD 3.5 billion in the same period last year, according to the Gems and Jewellery Export Promotion Council (GJEPC).<br /><br />In May, the overseas shipments had logged in 33 per cent growth, touching the peak this fiscal.<br />"There has been a demand slowdown for our products mostly from the western markets like the US and EU," GJEPC Chairman Rajiv Jain said.<br /><br />The major markets for the country's gems and jewellery exports also include the UAE and Hong Kong.<br /><br />During the April-December period this fiscal, gems and jewellery exports have grown 11.65 per cent to USD 32.1 billion, compared to the same period last fiscal.<br /><br />To reduce dependence on traditional markets, the exporters are exploring new markets like Latin America, Africa and Russia.<br /><br />India mainly imports gold and rough diamonds in large quantities and re-exports value-added items like jewellery.</p>