India's gems, jewellery exports decline 6.77% in Apr-Nov: GJEPC
MUMBAI (Scrap Register): Gems and jewellery exports from India contracted by 6.77% to $20.74 billion in April-November this fiscal, mainly on account of demand slowdown in major developed markets.
According to the Gems and Jewellery Export Promotion Council (GJEPC) data, exports stood at $22.24 billion in April-November period of 2017-18.
The decline in shipments is mainly due to negative growth in the export of silver jewellery, gold medallions and coins, along with a rise in the return of consignments.
As per the data, silver jewellery shipments during the period dipped by 82.6% to $503 million. Similarly, export of gold medallions and coins contracted by 84.7% during the eight months of 2018-19. Shipments of rough diamonds too reported a negative growth of 13.4%.
Gold jewellery shipments increased to $8 billion during the period from $6 billion in April-November last fiscal. India's main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country's total gems and jewellery exports.
During the period, consignments worth about $6 billion were returned compared with $5.4 billion in April-November 2017. China is the biggest competitor of India in the sector.
Imports of gems and jewellery too dipped by 12.41 per cent in April-November 2018-19 to $17.7 billion.