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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

Retail Jeweller India

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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

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

Months Gross Exports Gross Exports % Growth /Decline     (Y-o-Y)
FY2019  US$bn FY2020 US$bn
April 2.99 0.04 -98.79
May 3.30 1.06 -67.79
June 3.09 1.65 -46.66
July 3.05 1.51 -50.41
August 3.05 1.78 -41.65
September 3.42 2.51 -26.45
October 3.61 2.92 -19.02
November 2.58 2.48 -3.88
April to November 25.08 13.95 -44.37

Exports growth FY 2021 – forecasting

Exports – U Shaped

Gem & Jewellery Imports : April-November 2020

Months Gross Imports Gross Imports % Growth /Decline     (Y-o-Y)
FY2019  US$bn FY2020 US$bn
April 2.26 0.01 -99.6
May 1.90 0.32 -83.33
June 1.93 0.59 -69.36
July 2.09 0.55 -73.73
August 1.79 0.89 -50.33
September 2.10 1.91 -8.81
October 1.74 1.96 12.41
November 2.16 1.42 -34.44

Commodity wise Gross Exports– April – November 2020  

Commodities April – November 2019 April – November  2020 % Growth/decline
(US$mn) (US$mn) (Y-o-Y)
Cut & Pol Diamonds 13,412.50 8,951.54 -33.26
Pol. Lab Grown Syn. Diamonds 276.05 423.88 53.55
Coloured Gemstones 228.66 100.87 -55.89
Pol. Synthetic Stone 0.71 0.62 -13.28
Gold Jewellery 8,363.01 2,445.05 -70.76
Silver Jewellery 869.62 1,400.13 61
Platinum Jewellery 5.90 6.37 8.02
Imitation Jewellery 41.84 28.13 -32.75
Articles of Gold, Silver & others 337.30 71.70 -78.74
Others 1,550.55 526.10 -66.07
Gross Exports 25086.12 13954.39 -44.37
Return Consignment 4,764.63 2,527.53 -46.95
Net Exports 20,321.49 11,426.86 -43.77

 

Commodity-wise Exports

Source : GJEPC Analysis based on Customs Data

 Commodity wise Imports – April – November 2020

Commodities April – November 2019 April – November  2020 % Growth/decline
(US$mn) (US$mn) (Y-o-Y)
Rough Diamonds 8,553.96 5,015.85 -41.36
Rgh Lab Grown Diamonds 205.01 301.77 47.2
Rough Coloured Gemstones 167.86 67.74 -59.65
Rough Synthetic Stone 2.89 0.68 -76.52
Raw Pearls 9.83 0.30 -96.91
Gold Bar 5,287.89 456.18 -91.37
Silver Bar 25.51 20.17 -20.94
Platinum Bar 96.83 72.99 -24.62
Sub Total 14349.78 5935.68 -58.64
Imports of Cut & Pol. Diamonds 911.68 1,303.58 42.99
Pol. Lab Grown Diamonds 64.49 22.88 -64.52
Col. Gemstones 396.78 211.35 -46.73
Pol. Synthetic Stone 9.05 0.61 -93.21
Pearls worked 4.82 1.09 -77.45
Gold Jewellery 192.62 139.11 -27.78
Silver Jewellery 40.05 13.27 -66.87
Imitation Jewellery 0.89 1.13 27.27
Others 6.50 13.64 109.72
Sub Total 1626.88 1706.66 4.9
Gross Imports 15,976.66 7,642.33 -52.17

 

Rough Diamond Imports

Months Gross Imports Gross Imports % Growth /Decline (Y-o-Y)
FY2019  US$bn FY2020 US$bn
January 0.86 0.76 -11.02
February 1.38 1.47 6.34
March 1.41 0.64 -54.93
April 1.44 -100
May 1.00 0.18 -82.13
June 0.98 0.30 -68.96
July 1.09 0.23 -78.91
August 0.86 0.50 -42.23
September 1.16 1.35 16.18
October 0.80 1.35 69.27
November 1.23 1.11 -10.05
April to November 12.21 7.88 -35.44

 

 

Courtesy: Retail Jeweller India News Service

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