SME Times News Bureau | 30 Dec, 2011
Gems and jewellery exports from India have fallen by 5 to 6 percent in 2011 in volume terms, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), Rajiv Jain said Thursday.

On the sidelines of a MoU signing ceremony with the Ministry of Tourism on Thursday in Mumbai, to participate in its Incredible India campaign, chairman, GJEPC told media, "In financial terms, however, there is a rise of around 15 percent due to the increase in the price of diamonds and precious metals."

Adding, "As I said earlier...the off take from the U.S. and Europe remained low. The total jewellery off take of the European Union declined in 2011, but India managed to hold on to its share of 11 percent. Further, the financial turmoil has been making the economies prefer lighter jewellery to heavy ones."

Direct exports to the United States have continued to fall, and of the total exports, the United States accounted for 17 percent of exports this year compared to 26 percent in 2007-08.

The country had shipped India exported USD 43 billion of gems and jewellery in 2010, and in 2011 the figure could reach USD 48 billion, Jain added.

Although gold imports increased in 2011, most went to investment purposes and not for jewellery consumption.