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Silver March 20, 2017 10:30:50 AM

India's gold jewellery exports tumbled 48% in February

Anil Mathews
ScrapMonster Author
The country’s gold jewellery exports declined sharply during February this year, says the latest monthly trade data published by the Gems and Jewellery Export Promotion Council (GJEPC).
India's gold jewellery exports tumbled 48% in February

NEW DELHI (Scrap Monster): The Indian gold jewellery exports dropped significantly by nearly 48% year-on-year to $418.99 million (Rs. 2,810.60 Crore) in February 2017. On the other hand, the country’s silver jewellery exports recorded significant surge of nearly 53% to $ 412.96 million (Rs. 2,770.14 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 in 2016 had totaled $784.80 million (Rs. 5,355.47 Crore). The silver jewellery exports during February 2016 had amounted to $266.13 million (Rs. 1,816.08 Crore).

The cumulative gold jewellery exports during the initial eleven-month period of the current fiscal were up modestly by 7.08% when matched with the previous year. The exports totaled $7,977.52 million (Rs. 53,551.01 Crore) during the eleven months from Apr ’16 to Feb ’17 as compared with the exports of $7,644.60 million (Rs. 50,009.29 Crore) during the corresponding eleven-month period during the previous fiscal year.

The silver jewellery exports surged higher considerably during the initial eleven months of the current fiscal. The exports were up by over 26% to $3,350.88 million (Rs. 22,507.38 Crore) during Apr ’16 –Feb ‘17. India’s silver jewellery exports during April ‘15 to Feb ‘16 had totaled $2,724.23 million (Rs. 17,836.21 Crore).

According to GJEPC, country's cut and polished diamond exports in February this year touched $2,413.52 million, recording modest jump over the previous year. The rise in rupee terms stood at around 1.5%. Also, the cumulative exports from Apr ’16 to Feb ‘17 too increased sharply by nearly 14% to $20,915.25 million.

The country’s exports of Coloured Gemstones recorded 22.68% decline, falling from $65.20 million during Feb ‘16 to $51.29 million during January this year. Also, the combined exports during Apr ‘16-Feb ’17 recorded marginal decline from $404.94 million a year before to $377.62 million. Also, the exports of Pearls more than doubled to $0.18 million in Feb ‘17 from $0.08 million a year ago. The exports of Synthetic stones surged significantly from $6.43 million in February 2016 to $22.11 million in February this year.

India's export of gold medallions & coins increased to $436.36 million (Rs. 2,927.10) during the month of February 2017. The exports during the same month a year before had totaled only $250.38 million (Rs. 1,708.60 Crores). The export of Costume and Fashion Jewellery remained more or less flat, rising marginally from $1.28 million (Rs. 8.77 Crore) in February ’16 to $1.32 million (Rs. 8.86 Crore) during February this year. Meantime, export of Rough diamond from the country surged higher by almost 11% in February ‘17. The exports of Rough diamonds during the month totaled $145.30 million (Rs. 974.70 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports in January this year increased when compared with the prior month. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins declined modestly during February ‘17 when matched with the month before it. However, silver jewellery exports surged higher significantly 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.

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