Around 25% of India’s total gems and jewellery exports go to the US.
The Gems and Jewellery Export Promotion Council (GJEPC) for India has released figures which show that exports of gems and jewellery continued to increase – albeit slower than before – by 5.4%, to $3.3 (£1.9) billion during July 2011, compared to same month last year.
During the June, the exports had climbed 17%. July’s figures caused exporters to describe the demand from the US and European markets as ‘lethargic’, as demand for gemstones and jewellery declined.
Around 25% of India’s total gems and jewellery exports go to the US, whereas Europe adds to 20% of export totals.
GJEPC Chairman Rajiv Jain said, "There are less number of orders from markets like the US and European markets."
Interestingly, export to ‘novel’ regions, as the GJEPC terms them, has seen piqued rates of export to Russia, Latin America and Africa.
The GJEPC has expressed worries that Western retailers may default on payments amid debt troubles, but notes that exports of silver jewellery grew 63.4% year-on-year during the month of July, accompanied by gold medallions and coins which grew by 33.8% and gold jewellery, of which exports increased by 25.3%.
After a surge in exports in the first four month of the year, coloured gemstone exports dropped sharply by 82% in July compared to the same month last year.