Gold jewellery exports fall 6.9% in October

Exports of gold jewellery from India fell 6.9 per cent on month in October to $608.95 million, an industry body said on Monday.

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.

Gold jewellery exports from April to October fell nearly 55 per cent to $3.95 billion, the Gems and Jewellery Export Promotion Council (GJEPC) said in a statement.

Copyright: Thomson Reuters 2013