Gems & jewellery exports drop by 11 pc in FY'14

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SME Times News Bureau | 30 Apr, 2014
Exports of gems and jewellery from India fell by 11 percent to USD 34.74 billion in 2013-14 compared to the last year due to restriction on gold import, reports media.

"There has been a decline by 11 percent in the overall performance, there are opportunities for growth. We are looking at new ventures, new markets such as the Middle East, Russia, China and various initiatives to promote the industry," Gems & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah told reporters in Mumbai on Tuesday.

"Although there has been a robust growth in the diamond sector. The market is bullish and the US and Europe markets have also improved," he added.

The overall gems and jewellery exports stood at USD 39.04 billion in FY 2013. However, overall exports of cut and polished diamonds saw a growth of 12.65 per cent to USD 19.63 billion .

In FY 2014, exports of gold jewellery medallions was at USD 11.04 billion, showing a decline of 39.50 percent over FY 2013.

"This was mainly due to the non-availability of gold, limiting the extent of trade for many of the Indian players," Shah added.

The coloured gemstones export also dropped by 20.10 percent in 2013-14 at USD 519 million over USD 650.17 million last year.

However, silver jewellery exports saw a significant rise of 58.57 percent at USD 1.46 billion compared to USD 920.62 million during the previous fiscal.