Dec witnesses 15% decline in gems and jewellery exports

NEW DELHI: Gems and jewellery exports during December worth $3 billion has registered 15% fall due to the weak demand from both Europe and the US.

As per the Gems and Jewellery Export Promotion Council (GJEPC), during May, the global shipments had seen 33% jump, reaching the highest level this fiscal year 2011-12.

Despite the slip in December, India's gems and jewellery exports has continued its growth during the second half, touching $32.1 billion, nearly 11.65% higher as compared to the same period under review of 2010.

The important markets for Indian gems and jewellery exports also consist the UAE and Hong Kong.

In the April-December period this fiscal, gems and jewellery exports have registered 11.65% rise to $32.1 billion as against the same period last fiscal.

With the aim to lower the dependence on the traditional markets, the exporters have been looking at the new markets such as Latin America, Africa and Russia.