Exports of gold jewellery from India in December dropped 30.4 per cent from a year ago to $443.19 million, an industry body said on Friday. Gold jewellery exports from April to December fell 51.5 per cent to $4.92 billion, the Gems and Jewellery Export Promotion Council ( GJEPC) said in a statement. India, which is fighting hard to reduce its current account deficit, has brought in measures to restrict imports of gold — its second-biggest import item after oil — which has affected the jewellery sector.
The measures included a rule that said 20 per cent of all the gold shipped in must be turned around and exported as jewellery.
Source: Economictimes
Source:Bullion Bulletin