Exports from the Jaipur gem and jewellery industry have been slashed by 50 percent due to the recent global recession. The likelihood of the figures reducing further by 10-15 percent is quite certain, as the US has been one of the major markets for this region, and the economic crisis is not seeing signs of improvement.

Some exporters are already complaining of almost nil business as reported by the Economic Times. The recent trade exhibitions too have not yielded much business for the jewellers. The US being the main exporters of silver studded jewellery and gems, companies are now looking at cutting staff, designers and polishers. The US recession has hit the small traders very badly and has also affected the European markets.

The industry is hopeful, although it finds the situation difficult to touch the base achieved last year. In a span of 10 years, Jaipur’s export of gems has increased from Rs.100 crore to Rs.2,200 crore, as reported in the media.