India’s Gems and Jewellery exports dip 2.05% in October 2019

India’s overall gross exports of gems and jewellery dipped by 2.05 per cent in October 2019, with growth in the gold jewellery segment making up to an extent for the continued large drop in polished exports, according to provisional data released by the Gem & Jewellery Export Promotion Council (GJEPC).

Cut and polished diamond exports declined by 15.39 per cent year-on-year totalling US$ 1.95 billion during the month (October 2018: US$ 2.30 bn), gold jewellery (plain and studded) exports were up by 12.49 per cent year-on-year touching US$ 1,066.99 million as against US$ 948.51 million in the same month a year ago, the data indicated.

Exports of silver jewellery rose to US$ 176.54 million in October 2019 as compared to US$ 87.09 million in the same month last year.

For the first seven months of the current fiscal, total gross exports of the gems and jewellery industry stood at US$ 22.42 billion as compared to US$ 23.91 billion in the same period of the previous year, a decline of 6.25 per cent. Imports across the sector during first seven months of fiscal 2020 were down 11.10 per cent from US$ 16.12 billion last year to US$ 13.98 billion this year.

In April-October 2019, exports of gold jewellery (both plain and studded) rose by 2.84 per cent to US$ 7.27 bn as against US$ 7.07 bn during the first seven months of the previous fiscal. Exports of silver jewellery rose steeply to US$ 737.74 million in April-October 2019 from US$ 407.90 milion a year ago.

Shekhar Ghosh is consulting editor, Indoasiancommodities.com. He has edited and written for publications like Business India, Business Standard, Business Today, Outlook and many other international publications. He can be reached at shekhar.ghosh@indoasiancommodities.in.

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