India’s Gold Jewellery Exports Surged 75% in November

NEW DELHI (Scrap Monster): The exports of gold jewellery from India reported strong growth during the month of November this year. The latest monthly trade statistics published by the country’s apex body Gems and Jewellery Export Promotion Council (GJEPC) also suggests notable decline in silver jewellery exports by the country.

In accordance with the GJEPC data, India exported $996.32 Million worth of gold jewellery in November this year, as compared with the exports of $567.82 Million during the same month a year before. Over the previous year, the exports surged higher by 75.46%. Meanwhile, silver jewellery exports declined by around 31% from $327.70 Million in November last year to $225.30 Million in November ’17. In rupee terms the gold jewellery exports reported year-on-year jump of 68.28%. The silver jewellery exports were down nearly 34% in rupee terms.

The country’s gold jewellery exports during the first eight months from April ’17 to November ‘17 of the current fiscal have declined modestly by over 3%. The cumulative exports during the period from April to November this fiscal amounted to $6,004.78 Million, down by 3.18% upon comparison with the corresponding eight-month period during the previous fiscal. The country’s gold jewellery exports had totaled $6,201.93 Million during April to November in 2016.

The cumulative exports of Silver jewellery by the country during Apr-November ’17 were up by nearly 19%, mainly aided by the significant increase in exports during the recent quarter. The combined exports during the first eight months of the fiscal year totaled $2,892.82 Million as against 2,770.30 Million a year before.

According to GJEPC data, the Indian exports of cut and polished diamonds increased sharply during the month. The exports surged significantly by nearly 50% from $1,185.10 Million in November 2016 to $1,776.14 Million in November this year. The cumulative exports during the opening eight months of the current fiscal were up marginally by nearly 1.29% year-on-year in dollar terms.

India's export of gold medallions & coins dropped to $45.93 Million during November 2017. The exports during the same month a year before had totaled $319.00 Million. The exports during Apr-November ’17 too dropped sharply by nearly 50% year-on-year from $3,457.80 Million in Apr-Nov ’16 to $1,733.05 during April to November in 2017.

The country’s exports of Pearls surged higher from $0.25 Million in November ’16 to $0.27 Million in November this year. The exports of Synthetic stones skyrocketed from $2.00 Million to $16.68 Million year-on-year. The exports of Costume & Fashion Jewellery increased marginally from $4.68 Million to $5.42 Million in November this year. The export of Rough diamond from the country has recorded notable jump in November this year. The exports during the month totaled $164.90 Million.