Kolkata, Sept. 30 Gem and jewellery exports from the eastern region might witness a slight dip in 2009-2010 because of volatility in gold prices over the last few months, according to Mr Pankaj Parekh, Chairman-Eastern Region, the Gem and Jewellery Export Promotion Council.
“More than 90 per cent of the total jewellery manufactured in eastern India is hand made, which depends primarily on the price of gold. Gold prices have been volatile over the last few months and this will affect exports from the region,” Mr Parekh told Business Line.
Exports from the eastern region grew almost 42.5 per cent to $932 million ($654 million) in 2008-09, even as the overall exports of the country in the sector grew by a meagre 1.45 per cent at $5,500 million, he pointed out.
Comparing the jewellery manufactured in the eastern region to the other parts of the country, he said, “Most of the jewellery manufactured in the other regions are usually diamond studded and the gold component in it is only 12-15 per cent.”
Gold prices, Mr Parekh said highlighting the volatility in the commodity, declined 2.17 per cent within five days from $1021/ ounce on September 23 to $993/ounce as on September 28.
Source : Business Line