MUMBAI, Oct 10: India’s gems and jewellery exports fell 6.2% in September compared to last year figures.
Due to ongoing trade war between China and America India is facing serious loss to its economy. India rely on exports of jewellery and gems to China and America and both of countries are biggest consumer of gems and jewellery.
The country’s cut and polished diamonds exports in the month fell 17.8% from a year ago to $1.94 billion from $ 3.3 billion, the Gems and Jewellery Export Promotion Council said in a statement.
“Local factors such as credit crunch, higher taxation are also hurting exports,” Council said in a statement, referring to banks tightening up on lending and higher taxes on cut and polished diamonds.
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