India’s gold jewellery exports reduced by one-third

By Anil Mathews

NEW DELHI (Scrap Monster): The Indian gold jewellery exports dropped significantly by nearly 34% year-on-year to $497.35 million (Rs. 3,208.38 Crore) in April 2017. On the other hand, the country’s silver jewellery exports skyrocketed by 149% to $ 768.92 million (Rs. 4,960.29 Crore). The above figures are 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 in 2016 had totaled $735.31 million (Rs. 4,887.62 Crore). The silver jewellery exports during April 2016 had amounted to $299.69 million (Rs. 1,992.04 Crore).

The cumulative gold jewellery exports during the previous fiscal had increased modestly by 4.15% when matched with the previous year. The exports had totaled $8,721.81 million (Rs. 58,464.42 Crore) during the fiscal year from Apr ’16 to Mar ’17 as compared with the exports of $8,557.09 million (Rs. 56,136.81 Crore) during the entire fiscal year before that.

The silver jewellery exports too had surged higher considerably during the previous fiscal. The exports were up by nearly 39% to $4,020.62 million (Rs. 26,920.57 Crore) during Apr ’16 –Mar ‘17. India’s silver jewellery exports during April ‘15 to Mar ‘16 had totaled $2,960.01 million (Rs. 19,416.92 Crore).

According to GJEPC, country's cut and polished diamond exports in April this year touched $1,749.10 million, recording marginal decline over the previous year. The decline in dollar terms stood at around 1.76%. In rupee terms, the exports declined by 4.65%. The cumulative exports of cut and polished diamonds had increased modestly by nearly 12.76% to $22,783.81 million during FY ‘17.

The country’s exports of Coloured Gemstones recorded 10% jump, rising from $22.33 million during Apr ‘16 to $25.28 million during April this year. However, the exports of Pearls almost halved to $0.14 million in Apr ‘17 from $0.28 million a year ago. The exports of Synthetic stones surged significantly by nearly 83% from $7.76 million in April 2016 to $14.60 million in April this year.

India's export of gold medallions & coins increased to $553.59 million (Rs. 3,571.24) during the month of April 2017. The exports during the same month a year before had totaled only $302.67 million (Rs. 2,011.85 Crores). The export of Costume and Fashion Jewellery registered sharp rise from $0.97 million (Rs. 6.48 Crore) in April ’16 to $1.38 million (Rs. 8.93 Crore) during April this year. Meantime, export of Rough diamond from the country surged higher by almost 34% in April ‘17. The exports of Rough diamonds during the month totaled $119.32 million (Rs. 769.75 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports in April this year declined in comparison with the prior month. The exports of Colored gemstones too recorded month-on-month decline. The export of gold medallions and coins declined modestly during April ‘17 when matched with the month before. However, silver jewellery exports surged higher significantly in comparison with the prior month.

About GJEPC

The GJEPC, set up 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 currently represents almost 6,000 exporters in the sector.