Gems, jewellery exports likely to be flat in FY18: GJEPC

The gems and jewellery exports are likely to remain flat this financial year due to global economic slowdown, but might grow at 10 per cent next year, an industry body said today.

“We are expecting the growth in gems and jewellery exports to remain flat at around 2-3 per cent this fiscal.”

“It is recovering slowly as the global economies are improving. The fourth quarter is expected to do well,” Gems and Jewellery Export Promotion Council (GJEPC) vice chairman Colin Shah told reporters here.

The net exports during the April to January period were down by 8.55 percent to Rs 1,77,242 crore, compared with Rs 1,93,898 crore in the year-ago period.

However, with things looking up and the global economic scenario improving, the council is expecting a 10 per cent growth in total exports in financial year 2018-19.

“With economic situation improving globally, we are already witnessing rise in demand by our major export destinations. So, we hope the exports to come back to normal and grow by 10 per cent in the next financial year,” said Shah.

Courtesy: Economic Times, Image Courtesy: The Statesman