The Indian jewelry exports market has already started showing signs of improvement as the pace of decline in July-August was much lower than a sharp fall witnessed in the beginning of this fiscal year.
Jewelry exports are likely to improve from January onwards as there are signs of recovery in western markets, A Sakthivel, president of Federation of Indian Exports Organization, said.
The decline in the precious jewelry exports shrank from the steeping 34 and 24 per cent in April and May, respectively to 2-8 per cent in July and August, bringing relief to exporters ahead of Christmas.
These exports stood at $1.76 billion in August 2009 compared to $1.92 billion in a year ago.
Exports of cut and polished diamonds showed a drop of 24 per cent and colored gemstones 15 per cent, while gold jewelry reversed the trend showing a growth of 40 per cent.
Though, the negative trend continues because of the slump in the world jewelry market, the situation seems to be reversing.
"We are getting good number of orders for the Christmas season," Mehul Choksi, chairman and managing director of jewelry exporting firm Gitanjali said.
The US, UAE and Hong Kong are the major markets for Indian jewelry exports which totaled at $21.11 billion last fiscal.
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