India's gems and jewellery exports dropped by16.5% year-on-year to $2.70 billion in May due to a weak overseas demand. In May 2012, the exports stood at $3.24 billion, according to the data by the Gems and Jewellery Export Promotion Council (GJEPC).The gems and jewellery exports in May were also lower compared to the previous month when the exports were at $3.38 billion, a robust 33% growth over the year ago period.
The US, the UAE, Europe and Hong Kong are among the major export destinations for gems and jewellery items. Shipments of gold medallions and coins nosedived by 95.7% while that of gold jewellery by 61.4%.
During 2012-13, the gems and jewellery exports declined by 9.4% year-on-year to $39 billion due to sluggish demand in traditional markets.
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