India`s jewellery exports regain sheen in July
India`s gems and jewellery exports, which lost a lot of glitter due to recession in the developed world, are regaining shine with July dispatches showing a rise over June.
New Delhi: India`s gems and jewellery exports, which lost a lot of glitter due to recession in the developed world, are regaining shine with July dispatches showing a rise over June.
Gems and jewellery exports in July aggregated to USD 1.9 billion as compared to USD 1.7 billion in June.
However, the exports in July this fiscal showed a decline of about three percent year-on-year, according to figures released by the Gems and Jewellery Export Promotion Council.
"There is definitely an arrest in decline of gems and jewellery exports. We are getting orders for the Christmas season," Gems and Jewellery Export Promotion Council Chairman Basant Mehta said.
The exporters are optimistic about demand picking up again, especially during the festive season.
"We see a turnaround in the coming months... but we need to see whether the arrest (in the exports) continues or not," Mehta added.
Gold jewellery outward shipments recorded a growth of 8.75 percent and coloured gems stones 24.14 percent.
The US and the EU account for 40 percent of India`s total jewellery sales overseas.
The government has announced a series of measures to help gems and jewellery exports in the Foreign Trade Policy.
The government decided to give duty drawback benefits on gold jewellery exports, under a duty refund scheme.
Besides, it also announced the setting up of diamond bourses in the next six months aimed at making the country a global trading hub.