Gem and jewellery exports down in October news.

Export of gems and jewellery from the country fell eight per cent to $2.11 billion (Rs9,878 crore) in October compared with exports of $2.29 billion in the same period last year.

Exports to the tune of $2.29 billion in October last year was achieved at the height of the global meltdown even as exports in October this year fell amidst record gold prices.

Gold exports were down 42 per cent in October this year compared with those in October 2008. Gold prices fluctuated between Rs15,800 and Rs16,250 per 10 gm.

Exports in certain segments like cut and polished diamonds and coloured gemstones, however, grew 17 per cent and 31 per cent, respectively, during the month.

For the April-October period of the current financial year (2009-10), India's exports of cut and polished diamonds stood at Rs45,365.09 crore ($9.40 billion) against Rs44,209.41 crore ($10.15 billion) in the same period of the previous fiscal - a growth of 2.61 per cent in rupee terms and a decline of 7.39 per cent in dollar terms.

The carat value of diamond exports stood at 323.12 carats in April-October 2009-10, showing a rise of 6.94 per cent over the same period of the previous year.

The Middle East, led by Dubai, was the largest market for India's gems and jewellery, accounting for 31 per cent of the total exports, followed by Hong Kong - 25 per cent and the US - 20 per cent.