After posting a robust expansion of 33.5 per cent in May, gems and jewellery exports grew at a slower but healthy pace of 16.7 per cent to $3.9 billion in June year-on-year.
Traders said the demand from the main markets like the UAE and the US had shown a little sluggish trend last month.
Exports during the corresponding period in the 2010-11 fiscal stood at $3.3 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.
“There is a sluggish demand from markets like the UAE, the US and Hong Kong,” the Federation of Indian Export Organisations Director-General, Mr Ajay Sahai, said.
The UAE accounts for about 30 per cent of the country’s total gems and jewellery exports, followed by the US 25 per cent and Europe 20 per cent.
As per the GJEPC data, exports of silver jewellery saw the maximum growth of 59 per cent year-on-year in June, followed by gold jewellery about 51 per cent, gold medallions and coins 38 per cent and coloured gemstones 34 per cent.
In the first three months of this fiscal, the gems and jewellery exports jumped 17.4 per cent to $10.8 billion compared to the same period last fiscal.
During 2010-11, the shipments grew 15.34 per cent to $33.54 billion compared to the previous fiscal, according to the figures provided by the Commerce Ministry.
To reduce dependence on the West, the exporters are also exploring new markets like Russia, Latin America and Africa.