Diamond exports to U.S. jump 22 percent during April-October
today Dec 27, 2018
India’s diamond and jewellery witnessed strong demand from the U.S. market, which lead to a surge in exports by 22 percent to US$5.43 billion (approx Rs 37,835 crore) in April-October 2018 as compared to $4.45 billion recorded during April-October 2017.
The U.S. is the largest consumer of diamonds manufactured in India and its appetite for bigger and good quality diamonds from the region have led to an increase in the overall exports.
Gold jewellery exports to the USA also grew by 13% from $867.87 million during April-October 2017 to $981.85 million during the same period in 2018, according to Gems and Jewellery Export Promotion Council (GJEPC) data.
Commenting on the surge in exports, GJEPC chairman Pramod Kumar Agarwal said, “The U.S. is the largest market for gems and jewellery of India. This time around, diamond and gold jewellery exports have registered a phenomenal increase. There is a rebound in the American market and we are looking to close the year with double-digit growth.”
As the U.S. makes up around half of India’s gem and jewellery exports, its economic conditions matter greatly to Indian jewellers. The U.S. market is picking up thanks to improved macroeconomic conditions and jewellery exports are expected to rise towards the end of the current fiscal year due to U.S. Christmas demand.
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