DEMAND HIT Exports have fallen by 93% in the first quarter of the current fiscal, exporters now eye emerging markets India’s silver jewellery is fast losing its charm in the global markets as exports have fallen sharply by 93.04% in the first quarter of current fiscal, compared with Q1 of FY18, with buyers from the Middle East, the US and other nations staying away. Analysts said the price of silver has been range bound in the first six months, which has affected its demand in the overseas markets. There is no immediate trigger for prices to rise, but analysts have indicated that silver prices will appreciate in the long run as the metal is fundamentally strong. Exporters are now eyeing emerging markets such as the CIS countries to market silver jewellery. Talking to ET, Pramod Agarwal, chairman, Gem & Jewellery Export Promotion Council (GJEPC), said that 5% VAT imposed by the UAE has brought down silver jewellery exports to the region. “We are now beefing up this vertical