Gold jewellery exports plunged 39% in June, says GJEPC

NEW DELHI (Scrap Monster): The most recent trade statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests drastic decline in gold jewellery exports by India during the month of June this year. The exports of silver jewellery too declined significantly during the month.

According to GJEPC data, the country’s gold jewellery exports totaled $436.70 Million in June this year, as compared with the exports of $716.90 Million reported during the same month a year before. Also, silver jewellery exports tumbled by nearly 29% from $281.98 Million in June last year to $200.53 Million in June ’17. In rupee terms the gold and silver exports reported year-on-year declines of 41.7% and 31.9% respectively.

The country’s gold jewellery exports during the initial quarter of the fiscal declined sharply by over 30%. The cumulative exports during the three-month period of the fiscal year amounted to $1,649.39 Million, lower by 30.9% when matched with the corresponding three-month period in 2016. On the other hand, despite sharp decline in June ‘17, the cumulative exports during first quarter of the fiscal were up by 79.1%. The combined exports during Apr-Jun totaled $1,717.33 Million, as compared with $958.65 Million a year before.

As per data, the exports of cut and polished diamonds by the country increased marginally during the month. The exports were up by 7.5% from $1,843.74 Million in June last year to $1,981.48 Million during the same month this year. The cumulative exports during the first quarter of fiscal were also up by over 3%.

India's export of gold medallions & coins increased to $508.71 Million during June 2017. The exports during the same month a year before had totaled only $396.98 Million. The quarterly exports rose sharply by nearly 42% from $1,069.86 Million in Apr-Jun ’16 to $1,517.71 in April to June this year.

The country’s exports of Pearls plunged heavily from $0.23 Million in June ’16 to $0.07 Million in June this year. On the other hand, exports of Synthetic stones more than tripled from $9.87 Million to $35.03 Million year-on-year. Meantime, the Costume & Fashion Jewellery exports remained more or less flat, declining marginally from $4.76 Million to $4.39 Million in June this year. The export of Rough diamond from the country has declined by nearly 9% in June this year. The exports during the month totaled $118.34.

Month-on-month, the gold and silver jewellery exports by the country witnessed decline. Similar decline was seen in exports of Colored Gemstones and Pearls. On the other hand, synthetic stones export rose significantly over the previous month from $9.36 Million in May ’17 to $35.03 Million in June.