India's Gold Jewellery Exports Surged in August

SEATTLE (Scrap Monster): The total gold jewellery exports by India surged higher by 5.58% in August 2019. This is upon comparison with the previous year. However, the exports during Apr-Aug ’19 recorded a decline of 4.28%, compared with the corresponding five-month period last fiscal year.

The provisional export data published by the Gems and Jewellery Export Promotion Council (GJEPC) suggests that India exported $910.87 million worth of gold jewellery in August this year. This compares with the exports of $862.72 million in August 2018. In rupee terms, the Aug ’19 exports were up year-on-year by 8.63% from INR 6,000.24 crores to INR 6,517.80 crores.

The cumulative gold jewellery exports in the initial five months from April to August of this fiscal year totalled $5,015.10 million, declining by 4.28% from $5,239.29 million a year before. The exports recorded marginal year-on-year decline in rupee terms, falling from INR 35,544.47 crores to INR 34,982.69 crores.

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The sharp 8.03% decline in studded gold jewellery exports in August this year was more than offset by 11.60% surge in exports of plain gold jewellery, said GJEPC data.

Meantime, silver jewellery exports continued to flourish in August, in line with the trend during the current fiscal. The monthly exports surged higher by nearly 39% over the previous year to total $100.43 million in August ’19. The Apr-Aug ’19 exports too skyrocketed by 83% year-on-year to $436.65 million.