India's Gem and Jewellery Exports Surged in October
Furthermore, he hoped that it will be able to achieve its exports target of $41.75 billion in the year 2021-’22.
SEATTLE (Scrap Monster): The Gem & Jewellery Export Promotion Council (GJEPC) of India reported that gem and jewellery exports recorded significant surge during the month of October this year. The boost in exports was mainly driven by spiralling demand from overseas markets, especially the U.S. The exports were up by 45.2% over the prior month to total $4,170.59 million.
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Colin Shah, Chairman, GJEPC noted that the overall sentiment in the gem and jewellery industry continued to remain positive. The manufacturing activity, which peaked in the pre-Diwali period, is most likely to witness a dip as most companies tend to remain closed for the traditional Diwali break. The industry will be able to regain its momentum in the last quarter of the financial year. Furthermore, he hoped that it will be able to achieve its exports target of $41.75 billion in the year 2021-’22.
GJEPC noted that total export of gold jewellery recorded 72.05% surge to INR 8,152.92 crore in October this year. This compares with INR 4,738.77 crore in the same month a year before.
The gross export of silver jewellery during the initial seven-month period of the current fiscal year increased by nearly 26% year-on-year from INR 8,994.9 crore to INR 11,331.52 crore.