Gems, jewellery exports lose glitter in July
New Delhi: Gems and jewellery exports declined by about 12 percent year-on-year to USD 2.8 billion in July due to weak demand in major markets like Europe.
These exports stood at USD 3.3 billion in the same period last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
"The demand is still sluggish in traditional markets like Europe," a GJEPC official said.
He, however, added that the US market is picking up now. The major markets for the country's jewellery include Europe, the US, the UAE and Hong Kong.
The exports of cut and polished diamonds declined by 46 percent and gold medallions and coins exports dropped by 38 percent, in July 2012.
During April-July this year, the country's overall gems and jewellery exports dropped about 9.5 percent to USD 12.9 billion compared to USD 14.33 billion in the same period last year.
These exports remained flat at about USD 43 billion in 2011-12 compared to the previous fiscal.