India's Gem & Jewellery Exports Slumped in November

SEATTLE (Scrap Monster): The Gem and Jewellery Export Promotion Council (GJEPC) announced marginal dip in overall gem and jewellery exports during the month of November this year.

According to GJEPC, the exports totalled INR 17,784.92 crore, higher by 4.21% compared to the same month a year before. The dip was mainly due to break in manufacturing activity during the festive season of Diwali. The exports had totalled at INR 18,565.31 crore in November 2020.

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Colin Shah, Chairman, GJEPC said that the export performance of the country’s gems and jewellery sector through the current year has been far ahead of expectations, compared with 2020. The U.S. has increased jewellery purchases from India during the year. GJEPC targets to achieve the export target of $41.65 billion during the fiscal year, he added.

The total export of gold jewellery surged higher by 38.24% over the previous year to INR 5,286.23 crore in November this year. This compares with INR 3,823.82 crore in the same month a year before. Meantime, the provisional gross exports of silver jewellery totalled INR 12,552.39 crore during April-November ’21, significantly higher by around 21% from INR 10,419.33 crore in the same period of the previous year.