India's gems and jewellery exports declined for the 11th month in a row, dropping about 24 per cent in August over the year ago period, due to demand slump in the US and Europe.
In August, the gems and jewellery exports were valued at $2.2 billion while it was $2.9 billion in the corresponding month of 2008, an official said.
"Gems and jewellery, drugs and pharmaceuticals, engineering goods and leather, which account for the bulk of country’s exports continue to remain in the negative territory," the official said.
In the April-August period this year, exports contracted to $9.7 billion from $14.6 billion last fiscal.
However, industry experts are optimistic that the decline would be arrested in the coming months as orders for the Christmas and New Year starts pouring in.
Gems and jewellery exports in July aggregated to $1.9, a 3 per cent down over the same month last year.
Exports of precious products were valued at $18.4 billion in 2008-09, a 6 per cent decline over the previous fiscal.
