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Gems and jewellery exports recovering at fast pace: Reports USD 2.48 Bn in November 2020, down by only 3 percent compared with USD 2.58 bn reported in November 2019

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7th December, Mumbai: The Gem and Jewellery sector have shown signs of green shoots of exports after a long pandemic struggle of over 8 months. The November 2020 gross exports of Gems & Jewellery reported USD 2.48 Bn a mere 3.88 percent decline as compared to the gross exports of USD 2.58 Bn reported in November 2019.

Overall gross exports however this fiscal year since April to November 2020 has been reported USD 13.95 Bn, which has declined by over 44.37 percent as compared with USD 25.08 Bn gross exports reported the same period in April – November 2019.

Colin Shah, Chairman, GJEPC, said, “The gems and jewellery exports have gained momentum, with exports recorded at USD 2.5 Bn for the last couple of months. Manufacturing is returned to almost 90% as rough diamond imports witnessed 69% growth in October. Considering the encouraging market demands and the current rate of growth, the sector is expected to record exports to pre Covid level numbers in the last quarter.”

“Prompt and proactive relief measures by Government during pandemic, focused initiatives by Council to further the  trade through series of Virtual trading platforms such as IIJS Virtual, Virtual Buyer Seller Meets across products, India Global Connect and e – International gem and Jewellery show are helping revive and boost the trade”, added Colin Shah , Chairman

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Vipul Shah, Vice Chairman, GJEPC, added, The fast recovery of the Indian gem and jewellery industry is due to a combination of many factors: the government implemented timely policy measures; central banks injected sufficient liquidity into the system; mining companies supported midstream segment; demand has picked up from major market, the US; and strong online sales have compensated for the weak performance of physical stores.”

Here is the exports data between April – November 2020 in the current fiscal:

Gem & Jewellery Gross Exports : April-November 2020

MonthsGross Exports Gross Exports % Growth /Decline     (Y-o-Y)
FY2019  US$bnFY2020 US$bn
April2.990.04-98.79
May3.301.06-67.79
June3.091.65-46.66
July3.051.51-50.41
August3.051.78-41.65
September3.422.51-26.45
October3.612.92-19.02
November2.582.48-3.88
April to November25.0813.95-44.37

Exports growth FY 2021 – forecasting

Exports – U Shaped

Gem & Jewellery Imports : April-November 2020

MonthsGross ImportsGross Imports% Growth /Decline     (Y-o-Y)
FY2019  US$bnFY2020 US$bn
April2.260.01-99.6
May1.900.32-83.33
June1.930.59-69.36
July2.090.55-73.73
August1.790.89-50.33
September2.101.91-8.81
October1.741.9612.41
November2.161.42-34.44

Commodity wise Gross Exports– April – November 2020  

CommoditiesApril – November 2019April – November  2020% Growth/decline
(US$mn)(US$mn)(Y-o-Y)
Cut & Pol Diamonds13,412.508,951.54-33.26
Pol. Lab Grown Syn. Diamonds276.05423.8853.55
Coloured Gemstones228.66100.87-55.89
Pol. Synthetic Stone0.710.62-13.28
Gold Jewellery8,363.012,445.05-70.76
Silver Jewellery869.621,400.1361
Platinum Jewellery5.906.378.02
Imitation Jewellery41.8428.13-32.75
Articles of Gold, Silver & others337.3071.70-78.74
Others1,550.55526.10-66.07
Gross Exports25086.1213954.39-44.37
Return Consignment4,764.632,527.53-46.95
Net Exports20,321.4911,426.86-43.77

 

Commodity-wise Exports

Source : GJEPC Analysis based on Customs Data

 Commodity wise Imports – April – November 2020

CommoditiesApril – November 2019April – November  2020% Growth/decline
(US$mn)(US$mn)(Y-o-Y)
Rough Diamonds8,553.965,015.85-41.36
Rgh Lab Grown Diamonds205.01301.7747.2
Rough Coloured Gemstones167.8667.74-59.65
Rough Synthetic Stone2.890.68-76.52
Raw Pearls9.830.30-96.91
Gold Bar5,287.89456.18-91.37
Silver Bar25.5120.17-20.94
Platinum Bar96.8372.99-24.62
Sub Total14349.785935.68-58.64
Imports of Cut & Pol. Diamonds911.681,303.5842.99
Pol. Lab Grown Diamonds64.4922.88-64.52
Col. Gemstones396.78211.35-46.73
Pol. Synthetic Stone9.050.61-93.21
Pearls worked4.821.09-77.45
Gold Jewellery192.62139.11-27.78
Silver Jewellery40.0513.27-66.87
Imitation Jewellery0.891.1327.27
Others6.5013.64109.72
Sub Total1626.881706.664.9
Gross Imports15,976.667,642.33-52.17

 

Rough Diamond Imports

MonthsGross ImportsGross Imports% Growth /Decline (Y-o-Y)
FY2019  US$bnFY2020 US$bn
January0.860.76-11.02
February1.381.476.34
March1.410.64-54.93
April1.44-100
May1.000.18-82.13
June0.980.30-68.96
July1.090.23-78.91
August0.860.50-42.23
September1.161.3516.18
October0.801.3569.27
November1.231.11-10.05
April to November12.217.88-35.44

 

 

Courtesy: Retail Jeweller India News Service

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