Jewellery exports lose sheen in Nov, down 3.7% at $2.78 bn

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SummaryIndia's gems and jewellery outward shipments managed to check sharp decline but still reported a 3.7% drop at $2.78 bn in November.

After declining about 20 per cent in October this year, India's gems and jewellery outward shipments managed to check a sharp decline but still reported a 3.7 per cent drop at USD 2.78 billion in November.

Exports of these items stood at USD 2.89 billion in November last year, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).

"There is some improvement in demand from the US market. But the European market is still weak which is hitting our exports," an official of GJEPC said.

The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.

Among the segments which registered a decline, gold medallions and coins saw maximum decline of 35 per cent, followed by coloured gemstones (21 per cent) and gold jewellery (10 per cent).

During April-November this year, gems and jewellery exports declined 12 per cent to USD 25.4 billion compared to the same period last fiscal.

Gems and jewellery exports sector, which employs 1.5 million people, constitute 17 per cent of India's total exports. During 2011-12, exports of these items were reported at USD 43 billion.

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