Gems & jewellery exports dip in 2018-19

A slowdown in demand in developed markets of the world has led to gems & jewellery exports declining by 5.32% YoY in to US$ 30.1 billion in 2018-19, according to Gems and Jewellery Export Promotion Council (GJEPC). While exports of silver jewellery dropped by 75% during this period, exports of gold medallions and coins contracted by 55.5% in the last fiscal year. However, exports of cut and polished diamonds marginally grew to US$ 23.82 billion and that of gold jewellery grew by 24.4% to US$ 12 billion. Some of India’s main export destinations for this labour-intensive sector are the US, Europe, Japan & China.