India’s gem and jewellery exports decline in April to November 2018 period
today Jan 8, 2019
India’s gem and jewellery exports declined by 6.77 percent from April to November 2018 compared to the same time period the year before due to a decrease in demand in India’s main markets.
From April to November 2018, during the current 2019 financial year, India saw its gem and jewellery exports fall by 6.77 percent to $20.74 billion (Rs 1.4 lakh crore), according to the Press Trust of India. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports during the same time period the year before (FY18) stood at $22.24 billion. As gem and jewellery exports account for around 14 percent of India’s total exports, the decline will be felt across the economy.
One reason for the decrease in exports of gems and jewellery is due to a decrease in exports of silver jewellery as well as gold medallions and coins. There was also a rise in consignments. Silver jewellery exports decreased by 82.6 percent to $503 million over the same time period and gold medallion and coin exports decreased by 84.7 percent. Rough diamonds, too, saw exports drop by 13.4 percent but cut and polished diamond exports rose by six percent.
India’s main jewellery importers are Europe, China, the US, and Japan with the US importing around a quarter of India’s jewellery exports. Dips in the economies of those countries also slowed down India’s exports. China, India’s greatest competitor in the sector, is also only increasing its competition. Over the same time period, India’s gem and jewellery imports also fell by 12.41 percent to $17.7 billion and rough diamond imports fell by 13.27 percent.
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