Surat: Call it an impact of India’s largest banking fraud committed by billionaire Nirav Modi and Mehul Choksi, the total exports of Indian gems and jewellery industry have declined by 5% in 2017-18.
In the performance figures announced by the Gem & Jewellery Export Promotion Council (GJEPC) on Thursday, the industry witnessed exports reducing to $40 billion in 2017-18 compared to $43 billion in the previous year.
However, export of polished diamonds grew marginally at 4% to $23 billion compared to $22 billion during the previous year.
On the other hand, gold jewellery exports registered a growth of 10.91% with exports recorded at $9.6 billion in financial year 2017-18 as compared to $8.7 billion in the previous year.
GJEPC stated that the import of rough diamonds witnessed a high growth of 11% at $18.8 billion compared to $17 billion in the previous year.
Industry sources said, diamantaires had indulged in stocking the rough diamonds before Diwali festival following indications from world markets that mining companies may increase prices of rough diamonds.
However, major export destinations for the gems and jewellery sector in 2017-18 were Hong Kong with 33%, followed by UAE at 25% and the US at 23%.
GJEPC vice-chairman Colin Shah said, “The US alone imports 16% of its jewellery from India. We are making efforts to grow demand for our jewellery products in new markets like Iran, Jordan, Turkey, Latin America, South East Asia, etc.”
Shah said that GJEPC has urged the Union government to support the gems and jewellery sector by providing policy support such as opening up the industry to foreign miners to set up their shops in India and also reducing import duty of gold.
Source: timesofindia.indiatimes.com