By Anil Mathews
NEW DELHI (Scrap Monster): The Indian gold jewellery exports surged higher considerably by nearly 19% year-on-year to $796.60 million (Rs. 5,317.30 Crore) in October 2016. On the other hand, the country’s silver jewelry exports declined sharply by more than 28% to $ 190.58 million (Rs. 1,272.09 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 $687.31 million (Rs. 4,471.67 Crore). The silver jewellery exports during October 2015 had amounted to $273.66 million (Rs. 1,780.43 Crore).
The cumulative gold jewellery exports during the initial seven-month period of the current fiscal were up significantly by nearly 25% when matched with the previous year. The exports totaled $5,240.91 million (Rs. 35,051.13 Crore) during Apr-Oct ’16 as compared with the exports of $4,595.49 million (Rs. 29,583.45 Crore) during the corresponding seven-month period in 2015.
The silver jewellery exports increased considerably during the initial seven months of the current fiscal. The exports were up by nearly 32% to $2,095.98 million (Rs. 14,026.47 Crore) during Apr-October ’16. India’s silver jewellery exports during April to October in 2015 had totaled $1,666.19 million (Rs. 10,746.64 Crore).
According to GJEPC, country's cut and polished diamond exports in October ‘16 touched $2,519.55 million, rising modestly over the previous year. The rise in rupee terms stood at around 41%. The cumulative exports during Apr-Oct ‘16 too increased significantly by over 19% to $14,219.28 million.
The country’s exports of Coloured Gemstones recorded 19.5% increase, rising from $21.12 million during Oct ‘15 to $24.60 million during October this year. However, the combined exports during Apr-Oct ’16 recorded marginal decline from $260.42 million during last year to $240.41 million. Also, the exports of Pearls almost doubled to $0.16 million in Oct ‘16 from $0.09 million a year ago. Also, exports of Synthetic stones surged significantly from $5.49 million in October 2015 to $12.98 million in October this year.
India's export of gold medallions & coins increased to $513.62 million (Rs. 3,428.44) during the month of October this year. The exports during the same month a year before had totaled $490.67 million (Rs. 3,192.30 Crores). The export of Costume and Fashion Jewellery too increased from $1.90 million (Rs. 12.39 Crore) in October ’15 to $2.38 million (Rs. 15.87 Crore) during October this year. Meantime, export of Rough diamond from the country skyrocketed by over 55% in October ’16. The exports of Rough diamonds during the month totaled $100.45 million (Rs. 670.49 Crore).
The figures released by the country’s Export Promotion Council indicate that gold jewellery exports declined in October this year when compared with the same month last year. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins decreased sharply during October ‘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.