<p>The country's gem and jewellery exports contracted by 38.10 per cent in July to $1.35 billion (around Rs 10,185 crore) due to weak global demand on account of the Covid-19 pandemic, according to the Gems and Jewellery Export Promotion Council (GJEPC).</p>.<p>The exports stood at $2.2 billion (around Rs 15,112 crore) in July last year. The labour-intensive sector contributes about 15 per cent of the country's overall exports.</p>.<p>GJEPC chairman Colin Shah had recently stated that there was a steady decline in exports as the demand has been going down following global economic slowdown and several restrictions in many countries to curb the spread of coronavirus pandemic.</p>.<p>During April-July this fiscal, the exports dipped by 50.36 per cent to $4.11 billion as against $8.27 billion in the same period last year. The decline in shipments is mainly due to negative growth in the export of gold jewellery, and coloured gemstones.</p>.<p>As per the data, gold jewellery exports during the first four months of 2020-21 declined by 73.62 per cent to $494.92 million. Similarly, outbound shipments of coloured gemstones contracted 69 per cent during the period.</p>.<p>But, exports of silver jewellery grew to $510.8 million during April-July this fiscal from $252.64 million in April-July 2019-20. India's main export destinations are the US, Europe, Japan and China.</p>.<p>The US accounts for about one-fourth of the country's total gems and jewellery exports During the four months, imports of gems and jewellery declined by 69.8 per cent $1.53 billion. Import of rough diamonds during April-July 2020 too dipped by 81.63 per cent to $712.55 million.</p>.<p>The newly-appointed GJEPC Chairman has said that he will focus on promoting ease of doing business for the sector as it would help in pushing manufacturing and exports both.</p>
<p>The country's gem and jewellery exports contracted by 38.10 per cent in July to $1.35 billion (around Rs 10,185 crore) due to weak global demand on account of the Covid-19 pandemic, according to the Gems and Jewellery Export Promotion Council (GJEPC).</p>.<p>The exports stood at $2.2 billion (around Rs 15,112 crore) in July last year. The labour-intensive sector contributes about 15 per cent of the country's overall exports.</p>.<p>GJEPC chairman Colin Shah had recently stated that there was a steady decline in exports as the demand has been going down following global economic slowdown and several restrictions in many countries to curb the spread of coronavirus pandemic.</p>.<p>During April-July this fiscal, the exports dipped by 50.36 per cent to $4.11 billion as against $8.27 billion in the same period last year. The decline in shipments is mainly due to negative growth in the export of gold jewellery, and coloured gemstones.</p>.<p>As per the data, gold jewellery exports during the first four months of 2020-21 declined by 73.62 per cent to $494.92 million. Similarly, outbound shipments of coloured gemstones contracted 69 per cent during the period.</p>.<p>But, exports of silver jewellery grew to $510.8 million during April-July this fiscal from $252.64 million in April-July 2019-20. India's main export destinations are the US, Europe, Japan and China.</p>.<p>The US accounts for about one-fourth of the country's total gems and jewellery exports During the four months, imports of gems and jewellery declined by 69.8 per cent $1.53 billion. Import of rough diamonds during April-July 2020 too dipped by 81.63 per cent to $712.55 million.</p>.<p>The newly-appointed GJEPC Chairman has said that he will focus on promoting ease of doing business for the sector as it would help in pushing manufacturing and exports both.</p>