“According to Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council, ‘Exports declined drastically in June as there was a shortage of raw material for jewellery manufacturing. Our main demand is that we should be provided gold on easy terms.’ He added that if the current situation prevailed, it would be disastrous for the entire industry and bring in large scale unemployment. According to M Ahamed of the Kerala Jewellery Federation, exporters had initially gained from the rupee depreciation in the country, as the value of their exports in rupee terms had gone up. However, that gain has now petered off, he added.”

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