Gem and jewellery exports dip year-on-year in January
India’s gem and jewellery exports were down by 7.8% year-on-year in January to total $2.7 billion (Rs 17,962 crore), compared to $2.9 billion a year ago.
From April 2020 to January 2021, gem and jewellery exports have dropped by 37% compared to the same time period a year prior, the Gem and Jewellery Export Promotion Council announced. Exports from April 2020 to January 2021 totalled $19.24 billion, compared to a total of $30.52 billion from April 2019 to January 2020, the Press Trust of India reported.
Cut and polished diamond exports were also down by 23.43% year-on-year during the April 2020 to January 2021 period, totalling $12.5 billion. There was a significant drop in gold jewellery shipments of 65% year-on-year during the same time period.
Gold jewellery exports as a standalone category, however, rose year-on-year by 5.33% during the first 10 months of the 2021 financial year, according to the GJEPC. Gold jewellery exports totalled Rs 71,981.43 crore in the first 10 months of the 2021 financial year compared to Rs 68,340.74 crore in the first 10 months of the 2020 financial year.
Following a significant drop in business during lockdown last year, many jewellery businesses are beginning to recover thanks to several trade shows starting up again and the recent winter festive season. The upcoming spring wedding season is also expected to boost business.
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