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Strong global demand drives 16% growth of India’s gem & jewellery exports in October

Retail Jeweller India

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Strong global demand drives 16% growth of India’s gem & jewellery exports in October

Mumbai: India’s gem and jewellery exports witnessed a 16% growth in October 2021 versus 2019, owing to strong demand from key export destinations, especially the US. Overall gross exports of Gems & Jewellery in October amounted to US$ 4170.59 million (Rs. 31241.090 crore) as compared to US$ 3610.07 million (Rs.  25647.06 crore) for the same period in 2019.

During April – October 2021, the overall gross exports of gems & jewellery at US$ 23658.13 million (Rs. 175373.01 crore) grew 4.82 % (10.71 % in Rs term) as compared to US$ 22570.41 million (Rs. 1,58,404.21 crore) in 2019.

Colin Shah

Colin Shah, Chairman, GJEPC said, “The overall sentiment in the gem and jewellery industry is quite positive. Manufacturing activity peaked in the pre-Diwali period, reflected by the 16% jump in exports for October due to strong demand from key markets, led by the US. 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 last quarter of the financial year, thus helping us to achieve our goal of USD 41.75 billion in exports for the year 2021-22.”

The overall gross export of cut & polished diamonds at US$ 2560.27 million (Rs. 19178.5 crores) in month of OCT 2021 grew 31.11% (38.22 % in Rs. Term) as compared to US$ 1952.82 million (Rs. 13875.46 crores) for the same period of 2019.

During April – October 2021, the overall gross exports of cut & polished diamonds at US$ 14933.85 million (Rs. 110679.18 crores) grew 21.98 % (28.80 % Rs. term) as compared to US$ 12,243.17 million (Rs. 85932.25 crores) in 2019.

The total gross export of gold jewellery at US$ 1088.59 million (Rs. 8152.92 crores) in month of OCT 2021 declined 7.62 % (declined 2.59% in Rs. term) as compared to US$ 1178.39 million (Rs.  8369.48 crores) in 2019.

During April – October 2021, gross export of gold jewellery at US$ 5427.80 million (Rs. 40255.99 crore) declined 26.43% (declined 22.28% Rs. term) over the comparative figure of US$ 7378.12 million (Rs. 51,794.70 crores) in 2019.

Gross export of plain gold jewellery for the period APR 2021- OCT 2021 at US$ 2221.59 million (Rs. 16478.76 crores) declined 58.68 %  (declined 56.33% Rs. term) over the comparative figure of US$ 5377.04 million (Rs. 37734.29 crores) in 2019.

Gross export of all kinds of studded gold jewellery for the period APR 2021 – OCT 2021 at US$ 3206.21 million (Rs. 23777.23 crores) grew  60.22 % (69.11% Rs. term) over the comparative figure of US$ 2001.08 million (Rs.  14060.40 crores) in 2019.

Gross export of silver jewellery for the period APR 2021 – OCT 2021 at US$ 1528.01 million (Rs. 11331.52 crores) grew 106.14 % (117.23% Rs. term) over the comparative figure of US$ 741.26 million (Rs. 5216.42 crores) in 2019.

Gross export of coloured gemstones for the period APR 2021 – OCT 2021 at US$ 175.07 million (in Rs. 1297.45 crores) declined 15.66 % (declined 11.18% in Rs. term) over the comparative figure of US$ 207.58  million (Rs. 1460.78 crores) for 2019.

Courtesy: Retail Jeweller India News

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