India’s gems exports declined 35 percent in FebruaryMarch 15th, 2009 - 12:32 am ICT by IANS
Mumbai, March 14 (IANS) India’s gems and jewellery exports declined 34.57 percent in February owing to the sharp depreciation of the rupee and slower demand, according to data released Saturday.
The Gems and Jewellery Export Promotion Council (GJEPC) said gems and jewellery exports fell 34.57 percent to $1.22 billion (Rs.5.91 billion) last month from $1.86 billion in the same period last year.
The huge hit taken by exporters due to a depreciating rupee can be seen from the fact that realisations in February 2008 were calculated at an exchange rate of Rs.39.15 per dollar while it has gone down to Rs.48.40 in February 2009.
Consolidated exports for the period April-February 2009 fell 4.62 percent to $17.71 billion from $18.65 billion in the year-ago period.
Shipments of cut and polished diamonds also fell 34.87 percent to $872.92 million last month compared to $1.34 billion a year ago.
Imports of cut and polished diamonds, however, went up 13.37 percent to Rs.2.52 billion in February as against Rs.2.22 billion in the corresponding period last year.
In November last year, the GJEPC had appealed to members to stop imports of rough diamonds for a month.
Total imports of rough diamonds fell 77.31 percent last month to $210.24 million from $926.45 million in February 2008.
Provisional export of gold jewellery during April 2008-February 2009 dropped 4.85 percent to $4.76 billion as against $5 billion in the year-ago period.