India's exports of gems, jewellery fall 6.2% in September

MUMBAI: India’s gems and jewellery exports fell 6.2% in September from a year ago to $3.3 billion as shipments of cut and polished diamonds slumped, a leading trade body said on Thursday.

The country’s cut and polished diamonds exports in the month fell 17.8% from a year ago to $1.94 billion, the Gems and Jewellery Export Promotion Council said in a statement.

The ongoing trade war between the United States and China, two major consumers of gems and jewellery, has dampened export demand for cut and polished diamonds, Colin Shah, vice-chairman of GJEPC told Reuters.

“Local factors such as credit crunch, higher taxation are also hurting exports,” he said, referring to banks tightening up on lending and higher taxes on cut and polished diamonds.

The GJEPC estimates gems and jewellery exports make up about 15% of the country’s total exports.