India's gem and jewellery exports declined by 0.75% in April- August period

By

Isabelle Crossley

Published
Oct 9, 2018

India’s gem and jewellery exports declined between April and August this year by 0.75 percent to $13.18 billion (Rs 87,683 crore) compared to $13.28 billion during the same time period in 2017.

As reported by the Press Trust of India (PTI), the Gems and Jewellery Export Promotion Council (GJEPC) data shows that exports had declined compared to last year. This is significant for Indian exports as a whole as the sector makes up around 14 percent of the country’s total exports.

The decline in exports has been attributed by the GJEPC to a rise in the return of consignments and a decrease in silver jewellery exports. However, the PTI reported that analysts are confident that the upcoming festive season will see the situation improve.

Exports of gold jewellery actually increased during the time period, almost doubling to $5.11 billion from $2.7 billion the year before. Exports of cut and polished diamonds also grew but rough diamond exports decreased.

Gold medallion and coin exports also decreased. The main import markets of Indian gems and jewellery are the US, Europe, Japan, and China, which is also India’s largest competitor in the field.

Along with exports, gem and jewellery imports also declined from April to August this year, when compared to last year. Imports decreased by 4.27 percent to around $12 billion.