Gems and Jewellery exports drop in FY18
Gems and jewellery exports plummeted 8.67 per cent in FY18, revealed data released by the Gem and Jewellery Export Promotion Council (GJEPC) of India.
The data showed that the exports stood at Rs. 2,64,130.64 crore in FY18 as against Rs 2,89,207.47 crore in FY17. The decline in exports can be mainly attributed to the fall in demand from the UAE which declined 27 per cent YoY during FY18.
Hong Kong with 33 per cent, was the major export destination for the sector in FY18, followed by the UAE with 25 per cent and the US at 23 per cent.
The gold jewellery export increased 6.71 per cent to Rs 62,387.48 crore in FY18, against Rs 58,464.92 crore in FY17, while the exports of silver jewellery decreased 18.91 per cent to Rs 21,830.76 in FY18, compared with Rs 26,923.25 crore in FY17.
GJEPC Vice Chairman Colin Shah said that about US$16 million were spent on promotions of the sector in FY18, which will be further increased in this financial year and the exports are expected to grow by 10 per cent in FY19.