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Marginal fall in gems and jewellery exports

Estimates by the Gems and Jewellery Export Promotion Council (GJEPC) indicate a marginal decrease in the exports from this sector, reports Deccan Herald.

Dipping demand for gems and jewellery in the US and Europe are touted to be the reasons behind this fall in exports. The UAE is the largest market for India’s gems and jewellery exports, closely followed by the US, Hong Kong and Europe.

Gems and jewellery exports in 2011-12 have been recorded at USD42.84 billion, as against the USD42.99 billion in 2010-11. A target of USD48 billion had been set by GJEPC for the year 2011-12.

Rajiv Jain, Chairman of GJEPC, stated that the recent imposition of two percent import duty on diamonds has also negatively affected the exports.

Jain started that exports of cut and polished diamonds started to decline immediately after the import duty was levied in January 2012. A 19 percent fall in shipments was noted in January 2012, he said. In February and March 2012, shipments were noted to decline by 54 percent and 17 percent drop respectively, he added.

Source: Deccan Herald