GJEPC: India’s Gold Jewellery Exports Skyrocketed in January

NEW DELHI (Scrap Monster): According to the most recent trade statistics published by the Gems and Jewellery Export Promotion Council (GJEPC), gold jewellery exports by the country reported considerable jump in January this year. On the other hand, exports of silver jewellery dropped sharply when compared with year-ago levels.

According to GJEPC data, India’s exports of gold jewellery totaled $655.05 during the month of January 2018. This is significantly higher by nearly 67% when compared with the year before that. The country’s gold jewellery exports had totaled $392.95 in January 2017. Meanwhile, silver jewellery exports declined by around 42% from $253.18 million in January 2017 to $146.73 million in the opening month of 2018. In rupee terms the gold jewellery exports reported year-on-year growth of nearly 56%. The silver jewellery exports were down nearly 46% in rupee terms.

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The combined exports of gold jewellery during the initial ten-month period of the current fiscal have increased marginally by 3%. The exports during April ’17-Jan ’18 totaled $7,747.70 million as against the exports of $7,523.72 million during Apr ’16- Jan ’17. In rupee terms, the exports registered marginal decline by 1.13%. Meantime, the cumulative exports of silver jewellery during the ten-month period surged higher modestly by 11% from $2,936.08 million to $3,265.75 million.

The GJEPC data also suggests huge decline in exports of gold medallions and coins. The exports in January this year totaled $21.50 million, as compared with $496.53 million exported during Jan ’17. The exports during the initial ten-month period also witnessed sharp decline by nearly 58%.  The country’s exports of costume and fashion jewellery also dropped to $5.40 million in Jan ’18, upon comparison with $5.95 million in the same month a year before. The exports during the ten-month period too dropped sharply year-on-year.