India's export of gems and jewellery will regain the shine within next 6 months. Mehul Choksi, managing director of Gitanjali Gems, is of the opinion that earlier there was huge inventory and it is over now and the situation is improving.
Due to order cancellation and late payment from markets, the sector witnessed a decline of 18.8% in exports in second half of previous fiscal. The exports declined 30-35% during Feb-Mar 2009 compared to same period of previous year. The decline was 50% during Dec, 2008 - Jan 2009 compared to same period last year.
The export market comprises of cut and polished diamonds and coloured gems.
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