India’s Gold Jewellery Exports Surged 123% in Q1 Fiscal 2019

SEATTLE (Scrap Monster): The gold jewellery exports by India more than doubled during the first three months (Apr-Jun ’18) of Fiscal 2019. 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 monthly exports surged higher by 182% in rupee terms in June ’18.

In accordance with GJEPC statistics, the country exported $1,000.88 Million (INR 6,784.98 Crores) worth of gold jewellery in June 2018. In dollar terms, the exports were up by almost 168%. The rise in rupee terms was nearly 182%. The country’s gold jewellery exports had totaled only $373.86 Million (INR 2,409.18 Crores) during June 2017. The combined gold jewellery exports by the country during Apr-June ’18 surged higher by 107% over the previous year from $1,586.55 Million (INR 10,226.83 Crores) to $3,155.68 Million (INR 21,164.96 Crores).

Meantime, the silver jewellery exports declined sharply in June 2018. The exports totaled Rs 277.20 crores (USD 40.89 Million) during the month, when matched with the exports of Rs 1,323.35 crores (USD 205.36 Million) during the same month a year before. The exports recorded nearly 80% decline over the previous year, in both rupee as well as dollar terms. The combined exports of silver jewellery during Apr-June ’18 totaled $119.90 Million, substantially lower when matched with the exports of $1,722.16 Million during the corresponding quarter last fiscal year.

The exports of gold medallions and coins recorded sharp decline. The country’s exports reduced to nil in June 2018, as compared with the exports of $487.64 million recorded during the same month last year. The country’s exports of costume and fashion jewellery edged higher marginally to $1.81 million in June ’18, upon comparison with $1.61 million in the same month a year before. The exports of Synthetic Stones reduced to more than half $35.18 million in June 2017 to $14.47 million in June this year.