The country’s gems & jewellery exports are likely to decline 15 per cent in 2012-13 to $37 billion due to the global economic downturn shrinking demand, the Gem & Jewellery Export Promotion Council has estimated.
But, with the US economy showing signs of recovery and exporters diversifying to newer markets in West Asia and CIS region, exports are expected to bounce back on the growth path in the next fiscal.
“When the economy is not in good shape, demand for luxury goods like gems & jewellery is hit the worst. But we expect a reversal next year as the US economy has started looking up and the industry is diversifying to West Asia and CIS,” said Chairman Vipul Shah.
A task group report to make India an international trading hub for rough diamonds released by the commerce department on Tuesday recommended setting up of a Special Notified Zone for import and trading of rough diamonds.
amiti.sen@thehindu.co.in