MUMBAI (MINEWEB) -
The Indian government's manifold gold curbs have started to take a toll. In July gold jewellery exports slid 70%, but exports of silver jewellery have more than doubled in the same month. Silver jewellery from India continues to be a major draw with consumers in Europe, Middle East and Hong Kong.
According to the Gems and Jewellery Export Promotion Council, silver jewellery exports surged 184% to $109.69 million in July. Interestingly, shipments of gold jewellery fell to $441.4 million in July from $1.5 billion in the year ago period, the Council said in a statement on Thursday.
"Silver jewellery from India has become a major hit in the CIS and eastern European nations. The same cannot be said of total gems and jewellery exports which fell 17% to $2.49 billion,'' said council chairman Vipul Shah.
He added the major markets for India's jewellery exports were the United States, Europe, Middle East, Hong Kong and Japan. ...