Gold jewellery exports may decline by 50% in FY14: Media Report
Subscribe to GoodReturns
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said as per the PTI report. Gold jewellery exports were Rs 1,293 crore in 2012-13, according to the Gems and Jewellery Export Promotion Council.
"There are less stocks available in the market and the premium is as high as 8-10 per cent in the domestic market. This will give rise to smuggling. Very little gold is available for exports," Choksi said. "Exports have declined by 55 per cent since the last seven months. We are expecting an overall about 50 per cent decline in gold jewellery exports this financial year," Choksi told reporters on the sidelines of the Mumbai Jewellery and Gems Fair 2013 organised by UBM India and FICCI.