A top industry association has said that the gems and jewellery exports are likely to remain flat in this financial year due to weak demand in economic slowdown-hit overseas markets and GST implementation. Commenting on the issue, Gem and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya told the media, “Overseas shipments fell in the first half of FY18, but the situation is likely to improve in the second half.”
“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 overseas market, introduction of VAT in Dubai and implementation of GST in July,” he added. 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. The total gems and jewellery exports were worth Rs 2.89 lakh crore during 2016-17.
