India’s gold jewellery exports fall 70% in July1 min read . Updated: 22 Aug 2013, 01:23 PM IST
Silver jewellery exports more than double in July to $109.69 million, says industry body
Mumbai: Exports of gold jewellery from India fell 70% in July due to non-availability of the raw material, while silver jewellery shipments more than doubled in the same period, the Gems and Jewellery Export Promotion Council (GJEPC) said.
Shipments of gold jewellery fell to $441.4 million in July from the $1.5 billion in the year-ago period, while the total gems and jewellery exports fell 17% to $2.49 billion, the GJEPC said in a statement on Thursday.
Gold imports into India are expected to restart by next week after the central bank clarified a new rule that brought the flow of the precious metal into the world’s top gold consumer to a standstill at the end of July.
Silver jewellery exports surged 184% to $109.69 million, the GJEPC said.
Shipments of gems and jewellery constituted 17% of India’s total exports last year, and the federal government has been trying to contain a record trade deficit by containing imports and boosting exports.