GEMS AND JEWELRY EXPORTS FROM INDIA TO BE FLAT IN FY2018
Gem and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya said that gems and jewelry exports are likely to remain “flat” in FY2018 due to “weak demand in economic slowdown-hit overseas markets and GST implementation”, Art of Jewellery reports.
Pandya added: “We saw a decline of 10% in overall gems and jewelry exports in the first six months of this financial year, mainly on account of economic slowdown in overseas market, introduction of VAT in Dubai and implementation of GST in July”.
Exports of cut and polished diamonds from India went up 5.9% year-on-year in September, totaling $2.65 billion, according to (GJEPC). Imports of cut and polished diamonds “dropped significantly” to $174.03 million in September 2017. Rough exports totaled $143.59 million, a decrease of 7.4% year-on-year. During the fiscal year to September, exports of cut and polished diamonds was up 1.7% year-on-year, totaling $11.90 billion.