India's Gold, Silver Jewellery Exports Declined Drastically in July

NEW DELHI (Scrap Monster): The latest trade statistics published by the Gems and Jewellery Export Promotion Council (GJEPC) of India signals significant decline in exports of gold jewellery by the country during the month of July this year. The exports of silver jewellery too recorded drastic decline during the month.

As per data, the country’s gold jewellery exports totaled $411.37 Million in July this year, as compared with the exports of $602.04 Million reported during the same month a year before. Month-on-month, the exports declined by nearly 32%. Also, silver jewellery exports tumbled even more sharply by nearly 45% from $336.41 Million in July last year to $185.93 Million in July ’17. In rupee terms the gold and silver exports reported year-on-year declines of 35% and 47% respectively.

The country’s gold jewellery exports during the initial four-month period of the current fiscal declined sharply by over 30%. The cumulative exports during the period from April to July this fiscal amounted to $2,116.60 Million, lower by 30.3% upon comparison with the corresponding four-month period in 2016. The country’s gold jewellery exports had totaled $3,036.52 Million during Apr-July ’16.

On the other hand, despite sharp decline in July ‘17, the cumulative exports of Silver jewellery by the country during Apr-July ’17 were up by 47%. The combined exports during the four-month period totaled $1,903.27 Million as against 1,296.28 Million a year before.

As per data, the exports of cut and polished diamonds by the country declined marginally during the month. The exports were down by 0.28% from $1,651.20 Million in July last year to $1,646.54 Million during the same month this year. However, the cumulative exports during the first four months of the fiscal were up by 2.4%.

India's export of gold medallions & coins fell significantly by 87% to $58.68 Million during July 2017. The exports during the same month a year before had totaled $435.92 Million. The exports during Jan-July ’17 recorded marginal increase by 4.69% from $7,249.31 Million in Apr-Jun ’16 to $7,423.29 in April to July this year.

The country’s exports of Pearls plunged heavily from $0.32 Million in July ’16 to Nil in July this year. The exports of Synthetic stones declined marginally from $11.60 Million to $10.17 Million year-on-year. Meantime, the exports of Costume & Fashion Jewellery too registered slight decline, falling from $4.47 Million to $3.78 Million in July this year. The export of Rough diamond from the country has declined by nearly 18% in July this year. The exports during the month totaled $90.88.

Upon comparison with the month before, the gold and silver jewellery exports by the country witnessed decline. Synthetic stones export too declined significantly over the previous month from $35.03 Million in June ’17 to $10.17 Million in July.