India's gem, jewellery exports shrink 38% in July on weak global demand

The country's gem and jewellery exports contracted by 38.10 per cent in July to $1.35 billion (around Rs 10,185 crore) due to weak global demand on account of the Covid-19 pandemic, according to the Gems and Jewellery Export Promotion Council (GJEPC).

The exports stood at $2.2 billion (around Rs 15,112 crore) in July last year.

The labour-intensive sector contributes about 15 per cent of the country's overall exports.

GJEPC chairman Colin Shah had recently stated that there was a steady decline in exports as the demand has been going down following global economic slowdown and several restrictions in many countries