Surat: The apex body of India's gems and jewellery sector has predicted that the exports are likely to remain flat in this financial year due to weak demand in the overseas market and the Goods and Service Tax (GST) implementation in India.
In the recently published trade data for FY18, the Gems and Jewellery Export Promotion Council (GJEPC) showed a decline of 10 per cent in the overall gems and jewellery export in the first six months, mainly on account of economic slowdown in the international market, demonetisation and the implementation of GST on rough diamonds as well as polished diamonds.
"We saw a decline of 10 per cent in overall gems and jewellery exports in the first six months of this financial year, mainly on account of economic slowdown in the overseas market, the introduction of VAT in Dubai and implementation of GST in July," GJEPC chairman Praveen Shanker Pandya stated.
However, he said, the exports are expected to recover in the second half and the total shipments are likely to be around the same level as the last financial year.
In the first half of the current fiscal, the polished diamonds export declined by almost two per cent in April-September 2017 compared to the same period previous year. However, the polished diamonds export increased by five per cent in September 2017.
The gold jewellery export decreased by almost 19 per cent in the first six month this year compared to the same period in previous year. The gold jewellery export in April-September 2016 was at Rs 32,000 compared to Rs 26,000 in April-September 17.
In the recently published trade data for FY18, the Gems and Jewellery Export Promotion Council (GJEPC) showed a decline of 10 per cent in the overall gems and jewellery export in the first six months, mainly on account of economic slowdown in the international market, demonetisation and the implementation of GST on rough diamonds as well as polished diamonds.
"We saw a decline of 10 per cent in overall gems and jewellery exports in the first six months of this financial year, mainly on account of economic slowdown in the overseas market, the introduction of VAT in Dubai and implementation of GST in July," GJEPC chairman Praveen Shanker Pandya stated.
However, he said, the exports are expected to recover in the second half and the total shipments are likely to be around the same level as the last financial year.
In the first half of the current fiscal, the polished diamonds export declined by almost two per cent in April-September 2017 compared to the same period previous year. However, the polished diamonds export increased by five per cent in September 2017.
The gold jewellery export decreased by almost 19 per cent in the first six month this year compared to the same period in previous year. The gold jewellery export in April-September 2016 was at Rs 32,000 compared to Rs 26,000 in April-September 17.
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