Gems, jewellery exports decline 39 pc to $2.7b

Gems and jewellery exports contracted steeply by 39 per cent year-on-year to USD 2.7 billion in February due to sluggish demand in western markets like  Europe and the US, the Gems and Jewellery Export Promotion Council said today.

In February last year, the exports stood at USD 4.5 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). The major markets for the country’s jewellery outward shipments include the UAE and Hong Kong. During April-February 2011-12, gems and jewellery exports grew by 4 per cent YoY to $38 billion.

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