New Delhi - The country’s gems and jewellery exports contracted by around 5 per cent to USD 10.64 billion in April-July this fiscal, mainly on account of demand slowdown in major developed markets.
According to the Gems and Jewellery Export Promotion Council (GJEPC) data, exports stood at USD 11.2 billion in April-July period of 2017-18.
The labour-intensive sector contributes about 14 per cent to the country’s overall export.
The decline in shipments is mainly due to negative growth in the export of silver jewellery, gold medallions and coins, along with a rise in the return of consignments.
Industry experts said that the dip in exports during the period is because of a slow growth in demand but the order books are gradually improving.
“Exporters are optimistic that from September, things will start improving as there will be good demand on account of NRI’s diwali, Christmas and Thanksgiving in the US,” an official in the council said.