While the Commerce and Industry minister Piyush Goyal has asserted that 20 per cent growth in exports was necessary for the country to become $5 trillion economy, gems and jewellery, a major category in the export basket, continued its downward trend and declined 14 per cent in August.

Chennai: While the Commerce and Industry minister Piyush Goyal has asserted that 20 per cent growth in exports was necessary for the country to become $5 trillion economy, gems and jewellery, a major category in the export basket, continued its downward trend and declined 14 per cent in August.

Overall gross exports of gem and jewellery declined of 14.44 per cent to $2838.81 million in the month of August as compared to $3318.08 million in August 2018. In rupee terms, the decline was 12.29 per cent to Rs 20242.20 crore in August compared to Rs 23077.26 crore in August 2018, as per data from the Gems and Jewellery Export Promotion Council.

For the five-month period between April and August, exports registered a drop of 8.92 per cent to $15.33 billion.

Among the different categories, major setback was witnessed by cut and polished diamonds, which accounts for major chunk of exports. CPD exports for August fell 24.86 per cent to $1.64 billion and were down 23.10 per cent in rupee terms. For April-August, the exports have declined by 19 per cent. Though gold jewellery exports grew 5.58 per cent in August, it was down by 4.28 per cent for the five month period.