New Delhi: India's gems and jewellery exports in FY 2014-15 remained almost flat at Rs 2.43 lakh crore owing to downturn in China and political unrest in the Middle East, the major markets of Indian jewellery.
In FY 2013-14, the total exports stood at Rs 2.42 lakh crore, according to industry body Gems & Jewellery Export Promotion Council (GJEPC).
However, in dollar terms, there was a marginal decline in the outward shipments of gems and jewellery.
Exports of cut and polished diamonds, at Rs 1.41 lakh crore in 2014-15, showed a decline of 4.50 percent as compared with Rs 1.48 lakh crore in the previous year.
But exports of gold jewellery increased 18 percent to Rs 60,198.63 crore in 2014-15 from Rs 50,738.85 crore in 2013-14, GJEPC said in a statement.
"...Industry successfully battled several economic issues, including downturn in China, the political and terrorist unrest in the Middle East, a declining European market and the suffering Russian ruble, which had a direct and adverse impact on the exports that saw a downward trend," GJEPC said.
It added that government's move to scrap the 80:20 rule on gold imports gave the exports a forward momentum.
In 2013, the government had imposed several restrictions, including increasing the import duty and introducing the 80:20 scheme, under which at least 20 percent of the imported gold had to be exported before bringing in new lots.
In November last year, the Reserve Bank had scrapped the scheme, citing that the current account deficit is comfortable enough.
