India's gems and jewellery exports lost sheen for the eighth month in a row with exports dropping by a sharp 24 per cent to $1.5 billion in May 2009 over the year ago month mainly on account of slump in demand in its major markets like the US and Europe.
Exports of cut and polished diamonds were hit badly during the month registering a decline of 30.74 per cent compared to the same period last fiscal, followed by coloured gemstones and gold jewellery shipments which slipped by 25.49 per cent and 11.61 per cent respectively, the figures released by the Gems and Jewellery Export Promotion Council (GJEPC) showed.
"We believe that the pace at which jewellery exports are declining will be arrested in another two months. We are expecting orders for the Christmas and New Year season," GJEPC Chairman Vasant Mehta said.
However, he added that the growth in jewellery exports achieved last year would not be realised this time as markets in the US and Europe are still recovering from the recession.
According to the Commerce Ministry figures, India exported gems and jewellery worth $18.4 billion dollar in 2008-09 showing a decline of 6 per cent over the previous fiscal.
