NEW DELHI: India’s gems and jewellery (G&J) exports declined in the financial year 2015-16 due to a slowdown in global economy despite a small pick up witnessed from the United States, the world’s largest consumer of luxury goods.
Data compiled by the apex body the Gems & Jewellery Export Promotion Council (GJEPC) showed India’s net G&J exports at $31.98 billion (Rs 2,09,593.83 crore) in FY 2015-16 as compared to $36.22 billion in the previous year, witnessing a decline of 5.3%.
The fall in G&J shipment was largely driven by a sharp fall in exports of cut and polished diamonds, which recorded 7.47% slump in dollar term at $19.99 billion in FY16, as against $23.16 billion in FY15. In rupee terms, however, cut and polished diamond exports slumped by a steep 13.66% to Rs 1,30,938.07 crore in FY 16 as against Rs 1,41,514.28 crore in the previous year. The decline in cut and polished diamond was partly compensated by a surge in silver jewellery exports, which grew by a staggering 44.17% in FY16.
