Gems and jewellery export has shrunk for the eighth month in a row with exports dropping by a sharp 29 per cent mainly on account of a slump in demand in major markets like the US, Middle East and Europe which have been hit by the global meltdown.
Pankaj Parekh, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) – Eastern Region said here on Wednesday that India is the world’s largest manufacturing centre for gems and jewellery and the industry contributes over 12 per cent of the total export earnings of the country and employs one crore artisans and workers.
The Rs 112,000 crore domestic gems and jewellery industry is hit by the global meltdown. Sale of gems and jewellery in the Indian market has also decreased by 50 per cent. As a result, over three lakh retails have been facing severe problem, he said.
Parekh said to help the domestic market, a trade show on gems and jewellery - East India Jewllery Show (EIJS) - would be organised in the city from July 25. More than 100 renowned brands will be on display in this three-day exhibition, being organised by Exposure.
Sanjay Modi, proprietor of Exposure said EIJS would provide a never before platform to showcase the latest designs and trends which caters to the need of all retailers.
Source : Expressbuzz