Gem and Jewellery industry asks for government help to increase exports
Posted on: 24/Oct/2015 10:05:49 AM
The Gem and Jewellery Export promotion Council has approached the government to revise the interest subvention on the rupee and dollar trades. The industry has seen a 19% drop in polished diamonds exports and a 31% drop in gems and jewellery due to weak demand from China, the Far East and Europe.
Industry experts say, The carrying cost of inventory and interest rates has increased costs by four per cent... The industry normally imports approximately $14 billion worth of roughs and exports $20 billion worth of polished diamond stones. (We) now import 36 per cent less of roughs and this has led to 20 per cent unemployment and 26 per cent partial employment of diamond polishers.... It is necessary to maintain the industry here and for India to be an international trading centre.
