Tue, 30 Apr 2013 18:15:00 GMT | By Reuters

India's FY13 gems and jewellery exports fall 9%

Shipment of gems and jewellery makes up about 14 per cent of India's total exports


India's FY13 gems and jewellery exports fall 9% (© Reuters)

Mumbai: India's gems and jewellery exports fell more than 9 percent to $39.03 billion for the 2012/13 year ended on March 31 from the previous year, hurt by weak demand from the developed world, Gems and Jewellery Export Promotion Council said on Tuesday.

"The outlook for 2013-14 looks positive with an estimated growth of 12-15 percent. The U.S. and Japanese jewellery markets will bounce back with an estimated 5 percent growth, while China will remain stable at 10 percent growth," said Vipul Shah, chairman of the council.

Shipment of gems and jewellery makes up about 14 percent of India's total exports, and the sector employs about 3.4 million workers, with the Middle East taking most of the market.

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