Gems and jewellery exports dip 14% to $3.72 bn in Sep.

India’s gems and jewellery exports declined by 14 per cent year-on-year to USD 3.72 billion in September, due to the sluggish demand in the western markets.In September 2011, the exports stood at USD 4.33 billion. During the April-September period this fiscal, the shipments fell by 11.7 per cent to USD 19.90 billion, Gems and Jewellery Export Promotion Council on Friday said. ‘Still demand has not improved in the India’s major markets like Europe. This is hitting our exports,’ an official in the commerce ministry said. Gems and jewellery constitute 17 per cent of India’s total exports, and employs 1.5 million people.The major markets for the country’s gems and jewellery include Europe, the US, the UAE and Hong Kong.The council has estimated that the country’s gems and jewellery exports would touch USD 40 billion in the current fiscal. During 2011-12, these exports aggregated at USD 43 billion.