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India's gems and jewellery exports are expected to decline about 14 per cent to USD 37 billion in 2012-13 due to sluggish demand in western markets like the US and Europe. During 2011-12, these exports stood at USD 43 billion, according to the data provided by the gems and jewellery export promotion Council (GJEPC).
"The demand for gems and jewellery exports has been less due to economic slowdown in traditional markets like America and Europe. Also, jewellery is a luxurious item and people don't prefer buying it during such times. At the end of this fiscal, these exports would be around USD 37 billion," GJEPC Chairman Vipul Shah said.
He was speaking to reporters on the sidelines of a function here. The demand in the US market is improving, he said adding but recovery in the European market would take some more time. The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.
To create niche for India's jewellery exports, he said, the exporters are also focusing on new markets like Latin America, Russia and Africa. Gems and jewellery constitute 17 per cent of India's total exports and the sector employs 1.5 million people.
To promote gems and jewellery even in domestic market, Shah said that for the first time, the council would organize a business-to-consumer fair titled "India Gems and Jewellery Fair," wherein about 200 participants would showcase a wide variety of collection.
Also, GJEPC and India Trade Promotion Organisation (ITPO) has signed an agreement to organise the exhibition for the next three years. The four-day long fair, starting April 6 in New Delhi, is targetted directly at the consumers of northern India.
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