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NEW DELHI: Record gold prices took the shine off gems and jewellery exports, which fell eight per cent to $2.11 billion (Rs 9,878 crore)in October compared to the same period last year. Exports in October last year, at the height of the global meltdown, were at $2.29 billion.

However, exports in certain segments like cut and polished diamonds and coloured gemstones grew 17 per cent and 31 per cent respectively during the month. Gold exports fell 42 per cent.

For September exports were up 2 per cent on a year-on -year basis on the back of Christmas season orders.

Industry experts said although Indian industry received more Christmas orders this year, October showed a decline on account of volatility in gold prices.

Gold prices, which impact the entire gems and jewellery sector, fluctuated between Rs 15,800 to Rs 16,250 per 10 grams. The month saw the metal breeching the Rs 16,000 mark for the first time, setting the stage for further rise.

“Volatility in gold prices has slowed down the demand for the yellow metal,” Gems and Jewellery Export Promotion Council Chairman Mr Basant Mehta said.

Besides, he added, “Christmas orders come two-three months in advance, so deliveries for the festive season were mainly done in September compared to October.” - PTI

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