Gems & Jewellery Exports dipped 15% year-on-year to $3 billion in December 2011

According to the report  by Gems and Jewellery Export Promotion Council (GJEPC) released in January 2012, gems and jewellery exports fell into the negative zone - down 15% year-on-year to $3 billion in December 2011. The sharp fall wa attributed to poor demand from Europe and the US. The major export markets include the UAE & Hong Kong.

The exports had stood at $3.5 billion in the December 2010. the overseas shipments in May 2011 had logged in 33% growth, touching the peak in 2011-12 fiscal.

During the April-December period of 2011-12, gems and jewellery exports grew 11.65 per cent to $32.1 billion, compared to the the April-December period of 2010-11.

However, despite the drop in December, the country’s gem and jewelry exports still grew in the second half, reaching $32.1 billion – 11.65% higher than in the corresponding half of 2010.

To reduce dependence on traditional markets, the exporters are exploring new markets like Latin America, Africa and Russia.
India mainly imports gold and rough diamonds in large quantities and re-exports value-added items like jewellery.