India's gold jewellery exports to UAE decline 56% in January

The fall follows levy of 5% import duty in that country to protect local manufacturers

India's gold jewellery exports to the United Arab Emirates (UAE) declined by a massive 56 per cent in January 2017 due to a 5 per cent import duty levied by the local government there.

Data compiled by the apex representative body, the Gems and Jewellery Export Promotion Council (GJEPC), showed India's gold jewellery exports to the UAE at $148.1 million for January 2017, down from $334.08 million for the corresponding month last year. The decline in exports of gold ornaments coincided with the applicability of import levy by the UAE government effective January 1.

UAE, led by Dubai, is a gateway