India Gem, Jewelry export drops by 13.7% on lower demand

In December alone, exports plunged 27.5 percent to $2.1 billion. During 2011-12, exports of these items aggregated at $43 billion.

NEW DELHI(BullionStreet): India's gems and jewelry exports dropped sharply during April-December 2012 due to slowdown in US and Europe.

India exported gems and jewellery worth $27.6 billion during the period, down by 13.7 percent, said Gems and Jewelery Export Promotion Council (GJEPC).

In December alone, exports plunged 27.5 percent to $2.1 billion. During 2011-12, exports of these items aggregated at $43 billion.

Gems and jewellery constitute 17 percent of India's total exports and the sector employs 1.5 million people, reports media.

In a bid to provide an added boost to the gems and jewelery industry, GJEPC said it will launch the First India Gems & Jewelery Fair (IGJF) New Delhi Edition to be held on 6-9 April in New Delhi.

In this regards the Indian Trade Promotion Organization (ITPO) has signed an MoU with GJEPC to launch the first ever Business to Consumer (B2C) India Gems & Jewelery Fair (IGJF).

The ITPO and GJEPC have agreed to host the exhibition for the next three years with plans to take the exhibition to an international platform in the years ahead.

GJEPC also announced that its signature event, the India International Jewellery Week (IIJW) 2013, will for the first time be held in New Delhi from 4-5 April.

The exhibition will include 150-200 leading retailers and jewellery brand who will offer an entire range of jewellery; be it plain, studded with diamonds and precious and semi-precious stone in precious metals such as gold, silver, platinum and more.

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