Gems & jewellery exports dip by 11% in FY 2014: GJPEC

The gems and jewellery exports fell by 11 per cent to USD 34,746.90 million (Rs 2,10,224 crore) in 2013-14 compared to the last year due to government policies that restricted gold import, the Gems & Jewellery Export Promotion Council (GJEPC) today said.
The overall gems and jewellery exports stood at USD 39,042.18 million (Rs 2,12,685.50 crore) in FY 2013.
However, overall exports of cut and polished diamonds saw a growth of 12.65 per cent to USD 19,635.04 million (Rs 1,18,870 crore).
"There has been a robust growth in the diamond sector. The market is bullish and the US and Europe markets have also improved. Although, there has been a decline by 11 per cent in the overall performance, there are opportunities for growth. We are looking at new ventures, new markets such as the Middle East, Russia, China and various initiatives to promote the industry," GJEPC Chairman Vipul Shah told reporters here.

In FY 2014, exports of gold jewellery medallions was at USD 11,045.92 million (Rs 66,919.65 crore), showing a decline of 39.50 per cent over FY 2013.
"This was mainly due to the non-availability of gold, limiting the extent of trade for many of the Indian players," Shah added.
The coloured gemstones export also dropped by 20.10 per cent in 2013-14 at USD 519 million (in Rs 3,136.90 crore) over USD 650.17 million (Rs 3,527.81 crore) last year.
However, silver jewellery exports saw a significant rise of 58.57 per cent at USD 1,460 million (Rs 8,798.89 crore) compared to USD 920.62 million (Rs 5,016.46 crore) during the previous fiscal.