Gem and Jewellery exports dipped 28 per cent in December to $2.19 billion (Rs 11,984 crore) against $3 billion (Rs 15,939 crore) achieved in the same period last year.
This was largely due to lower demand in the US and some of the European countries. Besides, the recent import duty imposed on gold imports has rendered Indian shipments uncompetitive in the global markets.
Gold jewellery exports dipped 14 per cent to $640 million ($746 million), while in rupee term it was down 11 per cent to Rs 3,501 crore (Rs 3,930 crore), due to rupee depreciation against the dollar.
Vipul Shah, Chairman, GJEPC, said overall jewellery demand during the Christmas and the New Year seasons was flat with around five per cent growth witnessed in the US market.
“We believe the decline would be fully set off by March end, after which the industry would enter into positive territory,” he said.