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Gold, Jewellery Exports Drop by 8.67% in FY18
May 04, 2018
According to the data shared by the Gem and Jewellery Export Promotion Council (GJEPC), gems and jewelry exports observed a decline of 8.67% during the financial year 2017-18. This is largely contributed to the reduced demand in the UAE.
In FY17, the gold and jewelry exports stood at Rs. 2,89,207 crores. However, in FY18 they lowered to Rs. 2,64,130 crores.
The demand for exports in the UAE, in particular, dropped to Rs. 66,862 crores during FY18 compared to Rs 91,458.57 crore in the previous financial year. This is because of the introduction of 5% VAT in January.
