Export of gems and jewellery declines by 16.6% in May

New Delhi, Jul 2 (KNN)  Gems and jewellery exports slipped by 16.5 per cent year-on-year to USD 2.70 billion in May owing to a falling demand from western markets.

Last year, these exports stood at USD 3.24 billion, according to the data by the Gems and Jewellery Export Promotion Council (GJEPC).

Gems and jewellery exports in May were also lower compared to the previous month when the exports were at USD 3.38 billion, around 33 per cent growth over the year ago period.

“The exporters are getting less number of orders from western markets, including Europe,” said a media report quoting a GJEPC official. 

During 2012-13, the gems and jewellery exports declined by 9.4 per cent year-on-year to USD 39 billion due to sluggish demand in traditional markets. 

However, the council feels that in 2013-14 these exports would grow between 10 per cent and 15 per cent compared to the last fiscal.  (KNN)