Gems & jewellery exports witness downturn
India’s gems & jewellery exports have been witnessing a declining trend of late due to the twin challenges of slowing international demand and weak liquidity in the Indian market. According to the Department of Commerce, exports of gems & jewellery from India dropped by 13.7% YoY in April 2019. For FY 2018-19, exports had declined by 3.26% YoY to reach US$ 40.2 billion. UAE accounts for around 75% of the exports of gems & jewellery from India. Moreover, the Indian Bullion and Jewellers Assocation (IBJA) is also worried about a possible cut in gold import duty to 5% from 10% at present.