GJEPC: India's gold jewellery exports surged 50% in September

NEW DELHI (Scrap Monster): The Indian gold jewellery exports surged higher considerably by nearly 50% year-on-year to $909.64 million (Rs. 6,070.92 Crore) in September 2016. On the other hand, the country’s silver jewelry exports declined sharply by more than 15% to $ 233.29 million (Rs. 1,557.00 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 $613.92 million (Rs. 4,065.41 Crore). The silver jewellery exports during September 2015 had amounted to $277.72 million (Rs. 1,839.06 Crore).

The cumulative gold jewellery exports during the initial six-month period of the current fiscal were up significantly by over 25% when matched with the previous year. The exports totaled $4,444.31 million (Rs. 29,733.83 Crore) during Apr-Sep ’16 as compared with the exports of $3,684.17 million (Rs. 23,654.59 Crore) during the corresponding six-month period in 2015.

The silver jewellery exports increased considerably during the initial six months of the current fiscal. The exports were up by nearly 44% to $1,905.40 million (Rs. 12,754.38 Crore) during Apr-September ’16. India’s silver jewellery exports during April to September in 2015 had totaled $1,372.69 million (Rs. 8,837.10 Crore).

According to GJEPC, country's cut and polished diamond exports in September ‘16 touched $2,503.61 million, rising modestly over the previous year. The rise in rupee terms stood at around 31%. The cumulative exports during Apr-Sep ‘16 too increased significantly by over 15% to $11,699.73 million.

The country’s exports of Coloured Gemstones recorded 15% decline, dropping from $68.59 million during Sep ‘15 to $57.89 million during September this year. The combined exports during Apr-Sep ’16 too recorded marginal decline from $239.30 million during last year to $215.81 million. Also, the exports of Pearls surged multi-folds to $0.61 million in Sep ‘16 from $0.05 million a year ago. Also, exports of Synthetic stones increased significantly from $6.75 million in September 2015 to $13.86 million in September this year.

India's export of gold medallions & coins increased to $662.51 million (Rs. 4,421.65) during the month of September this year. The exports during the same month a year before had totaled $508.81 million (Rs. 3,369.35 Crores). The export of Costume and Fashion Jewellery almost doubled from $1.11 million (Rs. 7.33 Crore) in September ’15 to $2.02 million (Rs. 13.48 Crore) during September this year. Meantime, export of Rough diamond from the country skyrocketed by over 130% in September ’16. The exports of Rough diamonds during the month totaled $155.12 million (Rs. 1,035.26 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports increased significantly in September when compared with August 2016. The exports of Colored gemstones recorded month-on-month rise. The export of gold medallions and coins increased sharply during September ‘16 when matched with the previous month. Meantime, silver jewellery exports declined in comparison with the prior month.

About GJEPC

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.