GJEPC: India’s Gold Jewellery Exports Surged 25%

SEATTLE (Scrap Monster): The trade data published by the Gem and Jewellery Export Promotion Council (GJEPC) of India for the month of February this year suggests significant jump in value of gold jewellery exports by the country. On the contrary, the country’s silver jewellery exports witnessed notable decline over the previous year.

The country exported $886.40 Million (INR 6,312.95 Crores) worth of gold jewellery in February this year. In rupee terms, the exports stood higher by more than 12%. The hike in dollar terms was just over 1%. India’s gold jewellery exports had totaled only $877.13 Million (INR 5,646.10 Crores) in February last year.

The combined exports during the first eleven months from April ’18 to February ’19 this fiscal year totaled USD 10,789.07 Million, which is significantly higher by nearly 25% when matched with the imports of USD 8,647.68 Million during the corresponding eleven-month period last year.

Meantime, the silver jewellery exports too increased during the month of February. However, the year-to-date exports this fiscal were lower when compared with the previous fiscal. The monthly exports were up by nearly 17% from USD 64.21 Million in February last year to USD 75.04 Million in February ‘19. The combined exports totaled USD 765.98 Million during Apr ’18- Feb ‘19, which is significantly down by almost 77% over the previous year. The Indian silver jewellery exports had totaled USD 3,327.10 Million during the initial eleven-month period of the previous fiscal year.