Last Updated : 20 April 2012 at 12:05 IST
India jewellery, gems exports tank over 17% in March
India's jewellery and gems exports crashed by a double digit 17% in March, latest data from the country's Gems and Jewellery Export Promotion Council (GJEPC) shows.
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MUMBAI (Commodity Online): India's jewellery and gems exports crashed by a double digit 17% in March, latest data from the country's Gems and Jewellery Export Promotion Council (GJEPC) shows.
Total exports in March 2012 stood at Rs 22,755.81 Crore, down 17.69% Year on Year compared to Rs 27,649.18 Crore exports in March 2011.
Rajiv Jain, Chairman of GJPEC estimates that the sector is likely to witness 10-15% growth in coming months. “But in diamond jewellery, we have to revisit our earlier estimate of 10 per cent as the trading has come down by 30 per cent due to the two per cent import duty on polished diamonds. We will give our revised estimates after discussing it with the diamond panel”, The Hindu Business Line quotes the Chairman.
For the fiscal year 2011/2012, exports rose by 4.64% to Rs 2,04,823.66 Crore compared to Rs 1,28,514.06 Crore in 2010/2011. Exports of cut and polished diamonds declined by 13.64% while coloured gemstone exports saw an increase of 15.40%. Gold jewellery exports also posted a gain of 10.04%
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