RJ Market Watch
Gems & jewellery exports fall 27% in Sept
Chennai: Year-on-year growth in exports of gems and jewellery dropped by 27% to $2.4 billion and 25% in Rupee terms, in September.
Form April-September, the overall gross exports of gold dropped by 43% at $8.5 billion, while silver jewellery exports grew 92% in the first half of 2020.
“Gold exports are in the recovery mode as against the 40%-50% month-on-month drop seen in the last quarter. We saw good recovery in markets like the US, China and Europe last month,” Colin Shah, VP, Gem and Jewellery Export Promotion Council (GJEPC).
Among categories, cut and polished diamonds saw a 19.6% decline, while gold jewellery fell by 55% in September, data from the Gems and Jewellery Export Promotion Council showed. India cuts and polishes 90% of the world’s rough diamonds. “With decline in business growth getting arrested, we expect to make up the lost sales in between October 2020 and March 2021,” Shah said. For coloured gemstones, exports fell by 63% to $64.96 million between April and September 2020, from $176.1 million a year ago.
Courtesy: TOI
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