Gems and jewellery exports declined by 12 percent year on year to USD3.2 billion in May on account of weak demand in major markets like Europe.
The exports stood at USD3.7b in the same period last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
"The demand is sluggish in traditional markets like Europe," GJEPC Chairman Rajiv Jain said.
The devil is always in the detail. Closer scrutiny of IKEA's India entry application makes it clear the celebrations may have been premature, as the EUR25-billion (USD31.27b) Scandinavian furniture major virtually wants an overhaul of the single-brand retail FDI policy.
IKEA has set rigid terms for the government. If approved, these would tantamount to a change in policy. The company had earlier refused to set up stores in India, despite the FDI (foreign direct investment) limit having been raised to 100 percent, over sourcing hurdles.
Sales of beer and cigarettes are set to rise in Thailand this year as distributors are starting to stock products ahead of two major upcoming sports events, according to the Office of Industrial Economics (OIE).
Anan Assawasoponkul, director of the Industrial Economics Information Centre, said this period is usually a low season for alcohol, as it coincides with the three-month Buddhist Lent period.
But the Euro 2012 football tournament next month and the Olympics in July and August are major factors that will push sales of beer throughout the year.
UK luxury brand Burberry hopes to insulate itself against global economic headwinds by investing in bigger stores in major cities such as London, Chicago and Hong Kong that are popular both with tourists and the super rich.
Reporting another jump in profit on Wednesday, Burberry said it would invest up to GBP200 million (USD313.7m) in the business over the coming year with about one third of it going towards larger format outlets including a relocated store on London's Regent Street and a rebuild in Chicago.
Retail rents in 16 major cities in the Asia-Pacific region grew sluggishly in the first quarter as a weakening global economy dampened consumer confidence.
The Asia-Pacific Prime Rental Index compiled by property consultant CBRE, which monitors 16 major markets excluding Japan, showed these cities recorded 0.4 percent growth in the first quarter. But this was slightly better than the 0.1 percent growth in the fourth quarter of last year.
McDonald's started its biggest ever recruitment plan in China on Sunday, hoping to meet its ambitious expansion goals in the company's third-largest market. The US-based fast-food giant plans to open 225 to 250 new stores nationwide and hire 70,000 employees this year.
Japan's economy bounced back from a year-end lull in the first quarter, powering ahead of other major industrial nations thanks to rebuilding of the tsunami-battered northeast, solid private spending and some improvement in exports.
The world's third largest economy grew 1.0 percent in the January-March quarter, just ahead of a median market forecast of 0.9 percent, and growth in the final three months of 2011 was revised to flat from a 0.2 percent contraction, government data showed on Thursday.
Total shipments of beer and beerlike drinks plunged 11.3 percent in April from a year earlier to 36.23 million cases, marking the first drop in two months and a record low for the month, data from the five major brewers showed Monday.
The drop follows an increase the year before caused by efforts to make up for an inventory shortage caused by the March 2011 earthquake and tsunami, as well as weak demand during the cherry blossom-viewing season in early April due to cool weather.
Stepping up its battle with its former India managing director Subhinder Singh Prem, German sportswear major adidas on Sunday petitioned Indian law enforcement authorities to initiate a criminal investigation into commercial irregularities at Reebok India.
The development comes two days after Prem moved the Delhi High Court challenging his "termination" as well as seeking damages and contractual dues from adidas. A few days before that, he had also served a defamation notice on his former employers.
Costco has trumped the major supermarkets in the battle to offer the lowest price for the latest Penfolds Grange 2007, selling the iconic and prestigious label for AUD489.99 (USD504.79).
The US discounter revealed its pricing for the 2007 vintage after Coles said it would have an AUD499 price tag at its 1st Choice liquor outlet – a 20 percent discount to the recommended retail price of AUD625.