Mumbai: India’s gems and jewellery (G&J) exports dipped 7.8 per cent in January to USD 2.7 billion as against $2.9 billion a year ago, according to data provided by the Gem Jewellery Export Promotion Council (GJEPC).

During April-January 2021, exports declined about 37 per cent to $19.24 billion as compared with $30.52 billion during the 10 months of 2019-20, the data showed.

Export of cut and polished diamonds (CPD) contracted 23.43 per cent to $12.5 billion during April-January this fiscal.

Gold jewellery shipments also dipped about 65 per cent to $3.55 billion.

However, overall gold jewellery exports for the first 10 months of the financial year rose 5.33 per cent to Rs 71,981.43 crore, from Rs 68,340.74 crore in the year-ago period.

Further, on the amended Gold Monetisation Scheme (GMS), GJEPC President Mr. Colin Shah said the revamped scheme is a win-win for all as it will unlock tonnes of unused gold in India.

“This will not only benefit the consumer, retailer and banks but the nation as well. This will drastically reduce the import of gold and will help the country with our current account deficit,” he added.