Gold jewellery exports fall 70% in July

Exports of gold jewellery from India fell 70 percent in July due to non-availability of the raw material, while silver jewellery shipments more than doubled in the same period, the Gems and Jewellery Export Promotion Council (GJEPC) said.

Shipments of gold jewellery fell to USD 441.4 million in July from the USD 1.5 billion in the year ago period, the total gems and jewellery exports fell 17 percent to USD 2.49 billion, the GJEPC said in a statement on Thursday.

Gold imports into India are expected to re-start by next week after the central bank clarified a new rule that brought the flow of the precious metal into the world's top gold consumer to a standstill at the end of July.

Silver jewellery exports surged 184 percent to USD 109.69 million, the GJEPC said.

Shipments of gems and jewellery constituted 17 percent of India's total exports last year, and the federal government has been trying to contain a record trade deficit by containing imports and boosting exports.