Gold Jewellery Exports Surged 22% in India

SEATTLE (Scrap Monster): The gold jewellery exports from India surged higher significantly in November this year. The exports were up by 22% year-on-year from $905 million to $1.10 billion. The same in rupee terms was up from INR 6,506 crore to INR 7,894 crore, said latest trade statistics published by the Gem & Jewellery Export Promotion Council (GJEPC).

The gem and jewellery exports recorded 4% decline to $2.53 billion last month. This compares with the exports of $2.65 million recorded in November 2018. In rupee terms, the exports declined from INR 19,039 crore to INR 18,136 crore. The cut and polished diamond exports in dollar terms tumbled by 27% from $1.56 billion to $1.16 billion over the previous year. The decline in rupee terms was almost 25%.

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The gold jewellery exports so far this fiscal year increased by 5% to $8.48 billion. It must be noted that the exports had totalled only $8.05 billion from April to November in 2018. The exports were valued at INR 59,689 crore. The exports of gem and jewellery witnessed a decline of 6% between April and November. In rupee terms, it was down by 5%. The cut and polished diamond exports nosedived 19% to $13 billion.

Meantime, the overall imports of gems and jewellery recorded year-on-year decline by 6% between April and November this year. Imports of rough diamond plunged 17%, while those of cut and polished witnessed marginal decline by almost 2% from the comparable eight-month period last fiscal.