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Best Stock Advisory Company in Indore >> Today Best News >> Jewellery exports down
Trade points to demand problem in key markets, recent levy in West Asia and GST-delayed refunds
Jewellery exports from India are likely to fall by 12-15 percent in the near term.
Demand from the European Union (EU), West Asia and Hong Kong, among other places constituting 55 percent of the market, continues to be tepid. Industry officials say it would take 18 to 24 months for export to see growth.
According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports during April-November (first eight months of this financial year) fell 8.2 percent to Rs 1.45 trillion ($22.6 billion), against Rs 1.58 trillion ($24.6 bn) in the same period a year before.
Apart from the demand problem in the key regions, a five percent value-added tax has been recently imposed by West Asia countries for such exports (regional governments need more revenue, with the earlier slump in oil prices). This would mean more downward pressure on sales, says Praveen S Pandya, chairman of GJEPC. Shankar Sen, managing director at Senco Gold and Diamonds, which exports to America, Britain Singapore and West Asia, says the decline to the UAE and others in that zone would be at least 20 percent in 2018.
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