Breaking News

You are here » Indian-Commodity  :  Commodities  :  Gold, Silver & Bullion  :  India's gems and jewellery exports slip 22% in April 2018

22-May2018

India's gems and jewellery exports slip 22% in April 2018

Gems and jewellery exports of India slipped 22% to $2.6 billion in the month of April 2018, from the exports of $3.31 billion in April 2017, due to slowdown in demand in major markets including the UAE. According to the Gem and Jewellery Export Promotion Council (GJEPC) of India, the drop in outbound shipments in April is mainly due to negative growth in the export of silver jewellery, gold medallions and coins along with a sharp rise in the return of consignments.

As per the data, silver jewellery shipments declined 95.5% to $34.19 million in April, while export of gold medallions and coins contracted by 87.6% during the month under review. However, total gold jewellery shipments jumped 49% to $913 million during the period and shipments of cut and polished diamonds too grew 14% in the month under review.

During April 2018, consignments worth $545.3 million were returned compared with $533 million in April 2017. On the other hand, imports contracted by 24% to $2.35 billion in the month under review. Rough diamonds imports dipped around 13% during the month.

The GJEPC of India has said that major export destinations for the sector include Hong Kong, the UAE and the US. The three countries account for over 80% of the country's total exports of gems and jewellery and gems and jewellery contributes nearly 7% to India's GDP and over 15% to the merchandise exports. The industry has urged bankers not to reduce their current credit limits as this would hamper and erode exports and employment creation. 



Related News

View all news

Gold futures trade slightly higher on Monday

Gold futures traded slightly higher on Monday, due to risk aversion mood among market participants as Asian stocks slip after the report of a potential decline in China's economic growth in midst of still......

Gold futures end higher on Thursday

Gold futures ended higher on Thursday, registering its highest level since early August, due to increased safe-haven investments after the global stock markets slumped. Wall Street extended its slide to......

Gold futures end higher on Thursday

Gold futures ended higher on Thursday, registering its highest level since early August, due to increased safe-haven investments after the global stock markets slumped. Wall Street extended its slide to......

Top News

View all news

Ashiana Housing wins two awards

Ashiana Housing has won two awards. Realty Plus Awards 2018 has felicitated 'Ashiana Umang' as 'Best Themed Project' and the company's website as the 'Best Real Estate Website of the year'.Ashiana Umang......

Tata Power inaugurates second 'All-women' CRC in Mumbai

Tata Power has inaugurated its second 'All Women' Customer Relations Centre (CRC) in Borivali (East), Mumbai, with an aim to continue providing their talented and highly skilled women employees with new......

McLeod Russel hands over specified assets of eight Tea Estates to M K Shah Exports

McLeod Russel India has handed over the specified assets of the eight Tea Estates of the company to M K Shah Exports.Post completion of due diligence by M K Shah Exports (Buyer) and on compliance of the......