SME Times News Bureau | 24 Jan, 2012
Gems and jewellery exports for December totaled USD 3 billion, a year-on-year decline of 15 percent due to poor demand from Europe and the US.
 
According to the Gems and Jewellery Export Promotion Council (GJEPC), in May, the overseas shipments had logged in 33 percent growth, touching the peak this fiscal.

However, despite the drop in December, the country’s gems and jewellery exports still grew in the second half, reaching USD 32.1 billion – 11.65 percent higher than in the corresponding half of 2010.
 
"There has been a demand slowdown for our products mostly from the western markets like the US and EU," GJEPC Chairman Rajiv Jain said.

The major markets for the country's gems and jewellery exports also include the UAE and Hong Kong.

During the April-December period this fiscal, gems and jewellery exports have grown 11.65 percent to USD 32.1 billion, compared to the same period last fiscal.

To reduce dependence on traditional markets, the exporters are exploring new markets like Latin America, Africa and Russia.