By Anil Mathews (ScrapMonster Author)
September 21, 2016 11:54:47 PM
NEW DELHI (Scrap Monster): The Indian gold jewellery exports surged higher considerably by nearly 11% year-on-year to $605.30 million (Rs. 4,051.85 Crore) in August 2016. Meantime, the country’s silver jewelry exports too rose sharply to $ 363.26 million (Rs. 2,431.68 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 $563.43 million (Rs. 3,666.22 Crore). The silver jewellery exports during August 2015 had amounted to $229.12 million (Rs. 1,490.88 Crore).
The cumulative gold jewellery exports during the initial five-month period of the current fiscal were up significantly when matched with the previous year. The exports totaled $3,534.60 million (Rs. 23,662.45 Crore) during Apr-August ’16 as compared with the exports of $3,070.25 million (Rs. 19,589.19 Crore) during the corresponding five-month period in 2015.
The silver jewellery exports increased considerably during the initial five months of the current fiscal. The exports were up by nearly 60% to $1,671.54 million (Rs. 11,193.54 Crore) during Apr-August ’16. India’s silver jewellery exports during April to August in 2015 had totaled $1,094.97 million (Rs. 6,998.04 Crore).
According to GJEPC, country's cut and polished diamond exports in August ‘16 touched $1,943.62 million, rising modestly over the previous year. The rise in rupee terms stood at around 11%. The cumulative exports during Apr-Aug ‘16 too increased significantly by 6.36% to $9,196.12 million.
The country’s exports of Coloured Gemstones recorded 8% decline, dropping from $40.21 million during Aug ‘15 to $36.89 million during August this year. The combined exports during Apr-Aug ’16 too recorded marginal decline from $170.71 million during last year to $157.74 million. Also, the exports of Pearls doubled to $0.26 million in Aug ‘16 from $0.13 million a year ago. Also, exports of Synthetic stones increased significantly from $6.87 million in August 2015 to $11.06 million in August this year.
India's export of gold medallions & coins reduced to $431.22 million (Rs. 2,886.58) during the month of August this year. The exports during the same month a year before had totaled $568.72 million (Rs. 3,700.68 Crores). The export of Costume and Fashion Jewellery surged higher by almost 40 times from $1.43 million (Rs. 9.30 Crore) in August ’15 to $44.10 million (Rs. 295.24 Crore) during August this year. Meantime, export of Rough diamond from the country increased by over 38% in August ’16. The exports of Rough diamonds during the month totaled $122.41 million (Rs. 819.40 Crore).
The figures released by the country’s Export Promotion Council indicate that gold jewellery exports trended upwards in August when compared with July 2016. The exports of Colored gemstones recorded month-on-month rise. The export of gold medallions and coins dropped marginally during August ‘16 when matched with the previous month. Also, silver jewellery exports declined in comparison with the prior month.
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.