Gems & Jewellery export likely to decline: Kothari
The Indian gems and jewellery export account for around 17 billion dollars.
By PTI |
MUMBAI: Export of Indian gems and jewellery is unlikely to surpass previous records, given the volatile price of gold and the consumers' increased inclination toward luxury items like perfumes and watches.
"Every year we have been growing between 10 to 15 per cent but this fiscal I do not think we would be able to grow at a similar rate. Even if the exports maintain their earlier levels, we would be satisfied," newly elected Chairman of the Gem and Jewellery Export Promotion Council (GJEPC) Sanjay Kothari told PTI.
A 10-15 per cent volatility in prices of precious metals is a rare phenomenon, he said adding that "this is the first time such fluctuations are being seen, which are not in the interest of the consumer."
"The price volatility has dealt a blow to the jewellery industry and ways to enhance consumption need to be adopted worldwide," he said.
Gems and jewellery need to be promoted in manner similar to the way luxury items like perfumes and watches are being promoted across the world, Kothari added.
The Indian gems and jewellery export account for around 17 billion dollars.
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