India January Gem, Jewelry Exports Fall 4% .

MUMBAI – India's gem and jewelry exports in January fell 4% from a year earlier to $3.28 billion as the economic slowdown in key markets slowed demand for cut-and-polished diamonds.

Exports of cut-and-polished diamonds dropped 19% to $1.77 billion during the month, the government-backed Gem and Jewellery Export Promotion Council said Wednesday. India accounts for about 95% of global trade in cut-and-polished diamonds.

Gem and jewelry exports account for about 17% of the India's total merchandise exports. The United Arab Emirates, Hong Kong, the U.S. and European countries are India's largest export markets.

The Gem and Jewellery Export Promotion Council, the largest trade body representing the industry in India, is targeting new markets such as China and Russia in an effort to increase exports.

Though total exports fell in January, gold jewelry shipments rose 28% to $755.02 million, while exports of gold medallions and coins increased about 15% to $484.94 million.

Total gem and jewelry exports between April and January rose 10% to $35.50 billion, the council said.

Growth in India's gem and jewelry exports is likely to slow to 10% next financial year, which starts on April 1, from an estimated 15% increase this year, Rajiv Jain, chairman of the council, said last month.

Source : online.wsj.com