Exports of gems and jewellery grew 25.5 per cent to $5.78 billion during the first two months of the current fiscal, largely driven by demand in India’s major markets like the US. In April-May last year, exports from the sector were $4.60 billion, according to the data from Gems and Jewellery Export Promotion Council (GJEPC).
Gems and jewellery contribute to about 14 per cent to the country’s overall exports. The rise during the two-month period was mainly supported by silver exports at $673.60 million up 176.18 per cent from $243.90 million a year ago. Exports of cut and polished diamonds increased to $3.75 billion during April-May, from $3.4 billion a year ago. In 2015-16, the exports dipped 11.7 per cent to $31.98 billion.
“The decline in exports was mainly affected by slowdown in Europe, Japan and China. However, the US is picking up slowly, which is helping in registering positive growth in the sector,” an official said. However, shipments of gold jewellery contracted 10 per cent to $535 million during the two months under review.