India’s Gold Jewellery Exports Shot Up 162%

SEATTLE (Scrap Monster): The trade data published by the Gem and Jewellery Export Promotion Council (GJEPC) for the month of July this year suggests continuation of rising trend in gold jewellery exports by India. Contrarily, the country’s silver jewellery exports reported notable decline over the previous year.

The country exported $1,008.09 Million (INR 6,924.54 Crores) worth of gold jewellery in July this year. In rupee terms, the exports stood higher by more than 178%. The hike in dollar terms was 162%. India’s gold jewellery exports had totaled only $385.43 Million (INR 2,484.48 Crores) in July last year.

The combined exports during the first four months from April to July this fiscal year totaled USD 4,279.82 Million, which is significantly higher by over 104% when matched with the imports of USD 2,095.16 Million during the corresponding four-month period last year.

Conversely, the silver jewellery exports tumbled during the month of July and the year-to-date period this fiscal. The monthly exports dropped by nearly 75% from USD 189.30 Million in July last year to USD 48.34 Million in July ’18. The combined exports totaled USD 171.82 Million during Jan-July’18, which is down by more than 91% over the previous year. The Indian silver jewellery exports totaled USD 1,914.37 Million during the initial four-month of the previous fiscal year.

In the meanwhile, Costume and Fashion Jewellery Exports surged higher by 18% in July ’18. Also, the exports during Apr-July ’18 were up considerably by 36%.