Data released by India’s Gem & Jewellery Export Promotion Council (GJEPC) and quoted by Diamond World shows that the country’s jewelry exports fell by 8.67% in FY18 (ended June 30, 2018). “Unfavorable market conditions” drove jewelry exports down 13% in April-May.
According to the piece, the overall fall is attributed to “a decline in exports of gold medallion and silver jewelry”. Gold jewelry fell 15% and gold medallion exports fell 88%. Several other factors contributed to these numbers, such as the ban on 24-carat gold jewelry exports, a decline in demand from UAE, and “the 3% GST and VAT”.
However, in May, diamond and gold jewelry showed a positive growth of 13.44% and 133% respectively. The GJEPC says it is hopeful that the India International Jewellery Show, which is held next month, will “give a much needed momentum to the jewelry industry which is currently reeling under the pressure of fall in the exports”.
