COMMODITY
Gems, jewellery exports likely to decline by 5-10% in FY20: GJEPC
Oct-18-2019

Gems and Jewellery Export Promotion Council (GJEPC) has said that the overall gems and jewellery exports are likely to decline by 5-10% in this financial year (2019-20) over 2018-19 on the back of US-China trade war, protests in Hong Kong and the implementation of value-added tax (VAT) in the Middle East. 

As per the council, the on-going protests in Hong Kong and the slowdown in the Middle East after the implementation of VAT from January 2018 has also affected gems and jewellery exports. GJEPC Further said the festive demand also seems subdued on the back of a slowdown in the economic scenario and lack of consumer demand.

In September, the overall gems and jewellery exports dipped by 7.43% to Rs 23,788.01 crore during September 2019, compared to Rs 25,698.6 crore in the corresponding month of 2018. The cut and polished diamonds during September declined by 18.87% to Rs 13,874 crore from Rs 17,101.45 crore in September 2018. Gems and Jewellery saw a 5.70% dip in exports at Rs 1,32,170.32 crore from April-September 2019, against Rs 1,40,158.83 crore during the same period of FY19.

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