India’s Gold Jewellery Exports Nosedived 23% in Dec ‘18

SEATTLE (Scrap Monster): The recent export trade statistics published by the apex body Gems and Jewellery Export Promotion Council (GJEPC) suggests notable decline in gold jewellery exports by the country in December 2018. However, the combined exports during the initial nine-month period (April to December 2018) of the current fiscal year were still higher when matched with the year before.

According to GJEPC data, the the gold jewellery exports totaled $672.34 million in December 2018, significantly down by 22.77% when compared with the exports during Dec ’17. The exports had totaled $870.52 million in December 2017. In rupee terms, the exports collapsed by approximately 15% from INR 5,592.22 Crores to INR 4,755.44 Crores.

During the first nine months of the current fiscal year, India exported $8,771.91 million of gold jewellery. The exports stood higher by over 28% when compared with corresponding nine-month period the previous fiscal. The country’s gold jewellery exports had totaled only $6,835.70 million in April to December in 2017. In rupee terms, the exports recorded 38.44% surge.

Meantime, the silver jewellery exports continued to decline sharply in December. The monthly exports plunged heavily by nearly 66% from $220.32 million in Dec ’17 to $75.78 million in Dec ’18. The exports during Apr-Dec ’18 nosedived by over 81% over the previous year, said GJEPC data.