Gems, jewellery exports slip 17 per cent

KOLKATA: India's gems and jewellery exports slipped 17% to $38.27 billion in 2012 compared to $46.36 billion in 2011.

The decline is mainly attributed to the fall in the export of cut and polished diamonds by 37.3% due to a decrease in trading activity in India because of a 2% import duty on cut and polished diamonds.

Exports from India to the US stand at $6.1 billion, higher than that from Belgium and Israel -- the two other major exporters to the US.

Commenting on pre-budget recommendations, Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC), said: "Our aim has always been to stimulate greater foreign and domestic participation and also relieve the industry of the various challenges it faces. The most significant reform on the agenda is the correct implementation of the Benign Assessment Procedure and we are hopeful that the ministry will pay heed to this policy change".