India’s gems, jewellery exports dip 26 percent in FY21: GJEPC

By

Maverick Martins

Published
Apr 13, 2021

India’s gems and jewellery exports witnessed a 26 percent decline during the financial year 2020-21 to Rs 1,85,952 crore ($24.8 billion), as compared to the previous financial year’s Rs 2,50,319 crore, according to data by the Gem and Jewellery Export Promotion Council (GJEPC).

Cut and polished diamonds (CPD) exports in FY21 declined by 9 percent to Rs 1,20,302 crore from Rs 1,32,015 crore in the previous financial year while gold jewellery exports were down 58 percent to Rs 35,483 crore from Rs 84,270 crore in 2019-20.

However, silver jewellery exports jumped by 44 percent to Rs 17,163 crore from Rs 11,955 crore in FY20.

"2020-2021 was an exceptional year, yet the industry has shown resilience, adapted to the new normal and strived towards attaining recovery in exports in the second half of the year. Post witnessing a decline in the first three quarters, the gems and jewellery exports have witnessed a remarkable growth of 13 percent in the fourth quarter," GJEPC chairman Colin Shah said in a statement.

 "While the rough import of diamonds stabilised post opening up, the non-availability of duty-free gold to jewellery manufacturers have sharply impacted the plain gold jewellery exports leading to a decline of around 60 percent," Shah added.