By Anil Mathews

ScrapMonster Author

NEW DELHI (Scrap Monster): The Indian gold jewellery exports declined considerably lower by nearly 35% year-on-year to $547.46 million (Rs. 3,702.44 Crore) in November 2016. Also, the country’s silver jewellery exports declined sharply by more than 30% to $ 256.26 million (Rs. 1,733.12 Crore). This is in accordance with the latest official monthly data released by the country’s Gems and Jewellery Export Promotion Council (GJEPC).

The country’s gold jewellery exports during the same month last year had totaled $844.67 million (Rs. 5,584.95 Crore). The silver jewellery exports during November 2015 had amounted to $370.69 million (Rs. 2,451.01 Crore).

The cumulative gold jewellery exports during the initial eight-month period of the current fiscal were up significantly by nearly 16% when matched with the previous year. The exports totaled $6,093.70 million (Rs. 40,798.37 Crore) during Apr-Nov ’16 as compared with the exports of $5,439.96 million (Rs. 35,167.55 Crore) during the corresponding eight-month period in 2015.

The silver jewellery exports increased considerably during the initial eight months of the current fiscal. The exports were up by nearly 20% to $2,369.85 million (Rs. 15,877.44 Crore) during Apr-November ’16. India’s silver jewellery exports during April to November in 2015 had totaled $2,036.43 million (Rs. 13,194.58 Crore).

According to GJEPC, country's cut and polished diamond exports in November ‘16 touched $1,184.85 million, declining modestly over the previous year. The fall in rupee terms stood at around 8%. However, the cumulative exports during Apr-Nov ‘16 increased significantly by over 16% to $15,405.31 million.

The country’s exports of Coloured Gemstones recorded marginal 4.34% decline, dropping from $25.06 million during Nov ‘15 to $23.44 million during November this year. However, the combined exports during Apr-Nov ’16 recorded marginal decline from $286.50 million during last year to $265.06 million. Also, the exports of Pearls more than doubled to $1.70 million in Nov ‘16 from $0.67 million a year ago. On the other hand, exports of Synthetic stones dropped significantly from $3.22 million in November 2015 to $2.00 million in November this year.

India's export of gold medallions & coins declined to $319.00 million (Rs. 2,157.41) during the month of November this year. The exports during the same month a year before had totaled $472.52 million (Rs. 3,124.33 Crores). The export of Costume and Fashion Jewellery too tumbled from $6.18 million (Rs. 40.89 Crore) in November ’15 to $1.46 million (Rs. 9.87 Crore) during November this year. Meantime, export of Rough diamond from the country skyrocketed by around 80% in November ’16. The exports of Rough diamonds during the month totaled $111.16 million (Rs. 751.76 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports declined in November this year when compared with the previous month. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins decreased sharply during November ‘16 when matched with the previous month. However, silver jewellery exports increased in comparison with the prior month.

About GJEPC

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.