New Delhi: Gems and jewellery exports declined by 8.48 per cent to USD 9.7 billion during April-July this fiscal, mainly on account of slowdown in demand in major developed markets.
According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports stood at USD 10.6 billion in the same period of 2018-19.
The labour-intensive sector contributes about 15 per cent of the country's overall exports.
The decline in shipments is mainly due to negative growth in the export of cut and polished diamonds, coloured gemstones, and gold jewellery.
Read more:US-China trade war weakening demand for oil
According to the data, cut and polished diamonds exports contracted 17.5 per cent. Similarly, outbound shipments of coloured gemstones dipped by 10 per cent during the first four months of the fiscal.
Exports of gold jewellery declined by 4.8 per cent to USD 4 billion.
But, exports of gold medallions and coins grew to USD 309 million during the period under review.
India's main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country's total gems and jewellery exports.
The gems and jewellery exports declined by 5.32 per cent to USD 30.96 billion in 2018-19.
