India’s gems, jewellery exports rise 45 percent to Rs 31,241 crore in October
India’s gems and jewellery exports witnessed a growth of 45 percent during October at Rs 31,241 crore ($4,170.59 million), as compared to Rs 21,515 crore the same month last year, according to data by Gem and Jewellery Export Promotion Council (GJEPC).
GJEPC attributed the growth to strong demand from key markets, led by the U.S. coupled with a peak in manufacturing activity during the festive season.
“I estimate that this spike would be immediately followed by a dip in manufacturing activity as most companies closed for the traditional Diwali break. However, I am hopeful that the momentum will recover in the last quarter of the financial year, thus helping us achieve our goal of USD 41.75 billion in exports for the year 2021-22,” GJEPC chairman Colin Shah said in a statement.
The export of cut and polished diamonds grew by 48 percent in October to Rs 19,178 crore while gold jewellery in October grew by 72 percent at Rs 8,152 crore.
The country’s gold imports are also expected to rise in the coming months due to strong demand for jewellery during the ongoing festive and wedding season.
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