exports, he said.
Jewellers are trying to increase exports but the global economic situation is "not very encouraging", Bamalwa said.
Jewellery exports, on which domestic imports are dependent under the new rule, have slid nearly 55 percent to $3.95 billion so far this fiscal year, from April to October.
Falling exports will have a knock-on effect on future imports because of the ties between the two, which in turn will hurt domestic jewellers who should be seeing surging demand as the wedding season gets into full swing.
The trade body plans to approach the government to provide low-cost finance to jewellery exporters, against a 12-13 percent funding cost now. Its global competitors get financing at 2-3 percent.
"We will be approaching the government for some incentives, but since the country is going for general elections next year, the incentives may not come before the next government comes to power," Bamalwa said. Elections are due in May in India, the world's second-most populous country.
Bamalwa said the government was "in no mood" to relax its new import duty rules, or its gold export requirements, until the current account deficit had been reined in.