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India’s Gems, jewellery exports drop 8.5 % this fiscal

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MUMBAI (Scrap Register): Gems and jewellery exports declined 8.5 per cent to USD 22.41 billion in April-December this fiscal, mainly on account of slowdown in demand in major developed markets.

According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports stood at USD 24.5 billion in the April-December period of 2017-18.

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.

As per the data, Silver jewellery exports during the period also dipped 81.37 per cent to USD 579 million.

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.

During the period, consignments worth about USD 6.5 billion were returned, compared with USD 5.4 billion in April-December 2017.

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