NEW DELHI (Scrap Monster): The latest trade statistics published by the apex trade body Gems and Jewellery Export Promotion Council (GJEPC) of India suggests significant increase in exports of gold jewellery by the country during the month of February this year. On the other hand, silver jewellery exports recorded considerable decline during the month.
India exported $889.59 million worth gold jewellery in February 2018. This represents a big 97% jump from the previous year. The country’s gold jewellery exports had totaled only $452.17 million in February last year. Meantime, silver jewellery exports recorded sharp year-on-year decline. The exports dropped from $420.43 million in Feb ’17 to as low as $67.19 during the same month this year, recording a fall of nearly 84% over the year. The decline in rupee terms was almost 85%.
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The cumulative gold jewellery exports during the first eleven months of the fiscal year have increased modestly by 8%. The exports during the period from April 2017 to February 2018 totaled $8,659.54 million, as compared with the exports of $8,005.61 million during corresponding eleven-month period of previous fiscal. The cumulative exports of silver jewellery during the eleven months have declined marginally by 0.7% from $3,356.51 million to $3,332.95 million year-on-year.
The country reported huge decline in exports of gold medallions and coins. The exports in February this year totaled $83.83 million, as compared with $436.36 million exported during Feb ’17. The exports during the initial eleven-month period also witnessed sharp decline by over 60%. The country’s exports of costume and fashion jewellery witnessed marginal jump to total $5.60 million in Feb ’18, when matched with the exports of $5.15 million in the same month a year before. The exports during the eleven-month period too dropped modestly year-on-year, GJEPC data suggests.