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Jewellery exports declined 19 per cent year – on - year to $3.1 billion in August 2012, owing to demand slowdown in western markets like the US and Europe.
In August 2011, these exports stood at $3.8 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
“The demand is weak in traditional markets like the US and Europe,” a GJEPC official said.
The major markets for the country’s jewellery exports include Europe, the US, the UAE and Hong Kong.
In August 2012, the exports of cut and polished diamonds declined by 41 per cent followed by gold medallions and coins exports which dropped by 23 per cent and coloured gemstones 12 per cent.
During April—August this year, the country’s overall gems and jewellery exports dropped about 11 per cent to $16.1 billion compared to $18.2 billion in the same period last year.
These exports remained flat at $43 billion in 2011—12 compared to the previous fiscal.
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