By Anil Mathews
NEW DELHI (Scrap Monster): The Indian gold jewellery exports dropped significantly by nearly 34% year-on-year to $533.51 million (Rs. 3,436.89 Crore) in May 2017. On the other hand, the country’s silver jewellery exports skyrocketed by 94.9% to $ 746.60 million (Rs. 4,809.59 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 $777.74 million (Rs. 5,203.86 Crore). The silver jewellery exports during April 2016 had amounted to $369.96 million (Rs. 2,475.42 Crore).
The cumulative gold jewellery exports during the initial two-month period of the current fiscal were down significantly by 31.54% when matched with the previous year. The exports totaled $1,143.83 million (Rs. 7,374.10 Crore) during the two months from Apr ’17 to May ’17 as compared with the exports of $1,615.44 million (Rs. 10,772.06 Crore) during the corresponding two-month period during the previous fiscal year.
The silver jewellery exports surged higher considerably during the initial two months of the current fiscal. The exports were up by nearly 117.42% to $1,516.80 million (Rs. 9,778.15 Crore) during Apr ’17 –May ‘17. India’s silver jewellery exports during April ‘16 to May ’16 had totaled only $674.14 million (Rs. 4,497.27 Crore).
According to GJEPC, country's cut and polished diamond exports in May this year touched $2,046.01 million, recording marginal decline over the previous year. The decline in rupee terms stood at around 0.19%. In dollar terms, the exports increased marginally by 3.67%. However, the combined exports during Apr ‘17-May ’17 in rupee terms recorded marginal decline from Rs 25,041.18 million a year before to $24,464.45.
The country’s exports of Coloured Gemstones recorded 10% fall, declining from $32.44 million during May ‘16 to $30.19 million during May this year. However, the exports of Pearls declined sharply to $0.11 million in May ‘17 from $0.25 million a year ago. The exports of Synthetic stones dropped modestly by nearly 83% from $9.58 million in May 2016 to $9.36 million in May this year.
India's export of gold medallions & coins increased to $455.41 million (Rs. 2,933.77) during the month of May 2017. The exports during the same month a year before had totaled only $328.96 million (Rs. 2,201.07 Crores). The export of Costume and Fashion Jewellery registered modest decline from $5.57 million (Rs. 37.29 Crore) in May ’16 to $5.09 million (Rs. 32.80 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 $126.46 million (Rs. 814.65 Crore).
The figures released by the country’s Export Promotion Council indicate that gold jewellery exports in May this year increased in comparison with the prior month. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins dropped modestly during May ‘17 when matched with the month before. Also, silver jewellery exports declined in comparison with the prior month.
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.