India’s Gold Jewellery Exports Skyrocketed 123% in May

SEATTLE (Scrap Monster): The Indian gold jewellery exports more than doubled during the month of May this year. The recent trade data released by the Gems and Jewellery Export Promotion Council (GJEPC) indicates substantial jump in exports by nearly 123% when compared with the previous year. The exports had zoomed by 50% in April this year. The cumulative exports during the first two months (Apr-May ’18) of the current fiscal were up by 83% year-on-year.

According to GJEPC data, the country exported $1,164.50 Million (INR 7,865.00 Crores) worth of gold jewellery in May 2018. In dollar terms, the exports were up by 122.55%. The rise in rupee terms was over 133%. The country’s gold jewellery exports had totaled only $523.26 Million (INR 3,370.86 Crores) during May last year. The combined gold jewellery exports by the country during Apr-May ’18 surged higher by 83% over the previous year from $1,133.58 Million (INR 7,308.07 Crores) to $2,077.61 Million (INR 13,858.62 Crores).

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Meantime, the silver jewellery exports tumbled in May 2018. The exports totaled Rs 291.57 crores (USD 43.17 Million) during the month, when matched with the exports of Rs 4,809.59 crores (USD 746.60 Million) during the same month a year before. The exports recorded nearly 94% decline over the previous year, in both rupee as well as dollar terms. The combined exports of silver jewellery during Apr-May ’18 totaled $77.83 Million, substantially lower from the exports of $1,516.80 Million during the corresponding two months previous fiscal.

The exports of gold medallions and coins recorded sharp decline. The exports totaled $52.66 million, as compared with the exports of $455.41 million recorded during the same month last year. The country’s exports of costume and fashion jewellery edged higher marginally to $5.61 million in May ’18, upon comparison with $5.09 million in the same month a year before. The exports of Synthetic Stones more than doubled from $9.36 million in May 2017 to $19.24 million in May this year.