China emerges as the second-largest importer of gems, jewellery in FY17

Exports to the South Asian country jumped jumped by a staggering 28.48% to $2.48 bn

China has emerged as India's second- largest destination for gems and jewellery exports after the United States(US) in the financial year 2016-17 due to a slowdown in the European Union(EU) and an import tax levied by the United Arab Emirates(UAE).

EU and UAE are the two other major destinations for shipment of precious metal jewellery and stones from India.

Data compiled by the Union Ministry of Commerce showed that export of gems and jewellery to China jumped by a staggering 28.48 per cent to $2.48 billion in FY17.

"China is the second-largest economy in the world after the US. Then,