Indian jewellery and gem exports drop 10% in August
today Sep 24, 2019
Overall exports of gems and jewellery decreased by 10.07% year-on-year in August 2019 but gold jewellery exports increased by 5.58% year-on-year, the Gem and Jewellery Export Promotion Council announced.
India’s gem and jewellery exports dropped to $2.34 billion (Rs 15,567.44 crore) in August 2019 compared to $2.6 billion in August 2018, the GJEPC posted on its website, citing its own provisional data. One of the categories that saw the highest decline was exports of cut and polished diamonds which declined by 24.86% year-on-year and totalled $1.64 billion in August 2019 compared to $2.18 billion in August 2018.
Despite the overall decline in exports, gold jewellery exports were up by 5.58% year-on-year at $910.87 million in August 2019 compared to $862.72 million in August 2018, according to the GJEPC’s data. Silver jewellery exports also increased year-on-year to $100.43 million in August 2019 compared to $72.36 million in August 2018.
Other categories that saw exports increase were rough diamonds and lab-grown diamonds. The sharp increase in lab-grown diamond exports from $15.16 million in August 2018 to $37.35 million in August 2019 paired with the decrease in polished natural diamond exports shows the industry’s movement towards lab-grown stones.
The rise of lab-grown diamonds can also been seen in imports as rough lab-grown diamond imports increased year-on-year from $14.11 million in August last year to $15.34 million last month. Imports of cut and polished lab-grown diamonds also rose from $5.92 million in August 2018 to $18.39 million last month.
The GJEPC also reported that the first five months of the 2020 financial year saw total gem and jewellery net exports decline by 7.04% year-on-year. Net imports also declined by 16.67%.
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