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

Posted by Daily Shipping Times on 10-11-2017        Tweet

MUMBAI:  The gems and jewellery exports are likely to remain flat in this financial year due to weak demand in economic slowdown-hit overseas markets and GST implementation, a top industry association said recently.

Overseas shipments fell in the first half of FY18, but the situation is likely to improve in the second half, said Gem and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya.

“We saw a decline of 10 per cent in overall gems and jewellery exports in the first six months of this financial year, mainly on account of economic slowdown in overseas market, introduction of VAT in Dubai and implementation of GST in July,” Pandya told.

However, he said, the exports are expected to recover in the second half and the total shipments are likely to be around the same level as the last financial year.