India's September gold jewellery exports rise 16.5%

MUMBAI: Exports of gold jewellery from India rose 16.5 per cent in value terms to $653.90 million in September, an industry body said on Friday, as supply pressures eased for exporters before the peak Christmas season in the United States. 

India is trying to reduce its current account deficit and the government has brought in measures to restrict imports of gold, the second-biggest import after oil, which has affected the jewellery sector. 

The measures included a rule that 20 per cent of all the gold shipped in must be turned around and sold for export as jewellery. However, confusion over how the rule would work virtually stopped imports from the end of July to mid-September. 

In the six months from April, gold jewellery exports fell to $3.34 billion from $8 billion in the year-earlier period.