Credit squeeze, GST hiccups dent India's gems and jewellery exports in FY19

India’s gems and jewellery exports declined by 3.12 per cent for the financial year (FY) 2018-19 due to credit crunch, inordinate delay in GST (goods and services tax) refund resulting into blockage of available working capital and high import duty on polished diamond. Industry captains don’t see improvement in export in FY20 either. Data compiled by the apex industry body, the…