India's G&JExports Down 20% in April

pile of jewelleryMumbai: India’s gems & jewellery exports slumped for a fourth consecutive month in April, owing to weak global demand and seasonal adjustments. Data compiled by the Gems and Jewellery Export Promotion Council (GJEPC) showed these exports plunged 20 per cent to $1,979 million in April from $2,476 million in the corresponding month last year.

These exports started falling in January, as buyers from the US stayed away due to concern about the global economy and an impending rate increase by the US Federal Reserve. The US imports 38 per cent of all jewellery produced globally.

“The global market sentiment has been weak for the past few months, which was reflected in gems & jewellery export. With the lean season (June-July) approaching, overall jewellery export is likely to remain subdued in the first quarter. However, the sentiment will start recovering thereafter,” said Vipul Shah, chairman of GJEPC.