Gems, jewellery exports lose glitter

Gems and jewellery exports declined by about 12 per cent year-on-year to $2.8 billion in July due to weak demand in major markets like Europe.

These exports stood at $3.3 billion in the same period last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council.

"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 per cent and gold medallions and coins exports dropped by 38 per cent, in July 2012.

During April-July this year, the country's overall gems and jewellery exports dropped about 9.5 per cent to $12.9 billion compared to $14.33 billion in the same period last year.

These exports remained flat at about $43 billion in 2011-12 compared to the previous fiscal.