India’s Gold Jewellery Exports Posted Notable Decline

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

The country exported $480.70 Million (INR 3,531.77 Crores) worth of gold jewellery in September 2020. In rupee terms, the exports stood lower by approximately 54%. The decline in dollar terms was a tad higher than 55%. India’s gold jewellery exports had totalled $1,070.14 Million (INR 7,626.45 Crores) in September last year.

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The combined exports during the first six months from April ’20 to September ‘20 of the current fiscal year totalled USD 1,331.86 Million, which is down by more than 66% when matched with the exports of USD 3,967.70 Million during the corresponding half-yearly period last fiscal.

Meantime, the silver jewellery exports increased significantly during the month of September this year, doubling from the year ago exports. The monthly exports surged higher by nearly 95% from USD 118.73 Million in September last year to USD 231.56 Million in September 2020. Also, the year-to-date exports this fiscal were up by almost 80% when compared with the prior fiscal.