New Delhi: India's gems and jewellery exports declined by 9.3 percent to USD 39 billion in 2012-13 because of lower demand from global markets, especially in the US and Europe.
During 2011-12, these exports stood at USD 43 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
"The exports have declined to USD 39 billion last fiscal. This is due to less number of orders from major markets like America and Europe," GJEPC Chairman Vipul Shah told reporters on the sidelines of a function here.
The major markets for Gems and Jewellery exports include the UAE, the US and Europe.
Shah said, however, the exports would look up as the demand in the Western markets is expected to pick up this fiscal.
To reduce dependence on the traditional markets, the exporters are exploring new geographies like Latin America, Africa, Russia and China.
Gems and jewellery constitute 17 percent of India's total exports and the sector employs 1.5 million people.