New Delhi: Gems and jewellery exports declined by 8.48 per cent to $9.7 billion during April-July 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 $10.6 billion in the same period of 2018-19.
The labour-intensive sector contributes about 15 per cent to the country’s overall exports.
The decline in shipments is mainly due to negative growth in the export of cut and polished diamonds, coloured gem stones, and gold jewellery.
According to the data, cut and polished diamonds exports contracted 17.5 per cent. Similarly outbound shipments of coloured gem stones dipped by 10 per cent during the first four months of the fiscal.
Exports of gold jewellery declined by 4.8 per cent to $4 billion.
But, exports of gold medallions and coins grew to $309 million during the period under review.
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.
The gems and jewellery exports declined 5.32 per cent to $30.96 billion in 2018-19.