Gems and jewellery exports plummet in May due to trade war, money crunch

Tough customs scrutiny on rough diamond imports, US-China trade spat among other reasons for the decline

Gross exports of gems and jewellery declined sharply by 12.85 per cent to $3.17 billion in May 2019 from $3.64 billiion a year ago. This is one of the sharpest falls, and it comes at a time when the industry was hoping for some recovery and a softer approach towards funding on the part of banks.

Combined exports in April and May took a 9.11 per cent hot to $6.07 billion according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC). Cut and polished diamond exports in May fell 15.12 per cent to $1.88 billion, while