New Delhi, Jan 7 (KNN) The country's gems and jewellery exports contracted by 6.77% to USD 20.74 billion in April-November this fiscal, mainly on account of demand slowdown in major developed markets, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.

The data also mentioned that exports stood at USD 22.24 billion in April-November period of 2017-18.

As per the data, silver jewellery shipments during the period dipped by 82.6% to USD 503 million. 

And also the export of gold medallions and coins contracted by 84.7% during the eight months of 2018-19. 

Shipments of rough diamonds too reported a negative growth of 13.4%.

Imports of gems and jewellery also dipped by 12.41% in April-November  2018-19 to USD 17.7 billion.

Imports of rough diamonds contracted 13.27%, while that of gold bar jumped to USD 5.5 billion during the period as against USD 3.3 billion in April-November 2017.

Gold jewellery shipments increased to USD 8 billion during the period from USD 6 billion in April-November last fiscal.

During the period, consignments worth about USD 6 billion were returned compared with USD 5.4 billion in April-November 2017.

China is the biggest competitor of India in the sector.