Gem & Jewellery exports records a growth of 27% in July

Mumbai: The gem and jewellery exports continue to be on an upward trajectory. The overall gross exports of Gems & Jewellery recorded a growth of 26.77% to Rs. 24881.52 Cr (18.11% in dollar terms to US$ 3367.53 million) in the month of July 2021 as compared to Rs. 19627.37 Cr. (US$ 2851.15 million) in July 2019 (pre-pandemic).

The overall gross exports of Gems & Jewellery witnessed a growth of 12.26% to Rs. 92147.17 Cr (6.04% in dollar terms to US$ 12.55 billion) during April 2021 to July 2021 as compared to Rs. 82083.05 Cr. (US$ 11.84 billion) during the same period in April to July 2019.

Colin Shah, Chairman, GJEPC said, “Exports growth is majorly attributed to the renewed consumer sentiments especially in USA with the recent announcement of Covid -19 Stimulus Package of US$ 1.9 trillion to speed up the United States’ recovery from the economic and health effects of the Covid-19 pandemic.”

“With the continued recovery in global markets, rise in disposable income of consumers, forthcoming festive season at domestic and international markets, we are expecting the exports to grow further in the coming months. We are optimistic that our flagship show, IIJS Premiere in September and IGJS in Dubai in October would further improve the sentiment in the global market.” adds Colin Shah.

Cut & Polished Diamond exports have registered a growth of 60.98% to Rs. 16648.71 Cr (50.50% in dollar terms to US$ 2260.48 mn) in July 2021 as compared to Rs. 10342.25 Cr. (US$ 1501.97 mn) in July 2019.

Cut & Polished Diamond exports have recorded a growth 34.13% to Rs. 62390.23 Cr. (27.08% in dollar terms to US$ 8522.34 mn) during April 2021 to July 2021 as compared to Rs. 46515.91 Cr. (US$ 6706.03 mn) during April to July 2019.

“Continued recovery in key export markets like USA, China and Hong Kong, restocking of inventory etc. have been the major reasons for the positive export growth of diamonds.” adds Colin Shah.

Gold Jewellery Export is showing a decline of 25.99% to Rs. 5063.68 Cr. (decline of 31.45% in dollar terms to US$ 681.13 mn) in July 2021 as compared to Rs. 6841.85 Cr. (US$ 993.64 mn) in July 2019.

During the month of April 2021 to July 2021, Gold Jewellery export is showing a decline of 34.44% to Rs. 17844.99 Cr (decline of 38.46% in dollar terms to US $ 2415.33 mn) as compared to Rs. 27220.36 Cr. ( US$ 3924.61 mn) for the same period of April to July 2019.

Plain Gold Jewellery Export is showing a decline of 68.99% to Rs. 6352.41 (decline of 70.93% in dollar terms to US $ 858.83 mn) April 2021 to July 2021 as compared to Rs. 20487.40 Crores (US$ 2954.12 mn) during the same period of April to July 2019.

Studded Gold Jewellery Export registered a growth of 70.69% to Rs. 11492.58 Crores (60.38% in dollar terms to US $ 1556.50 mn) during April 2021 to July 2021 as compared to Rs. 6732.96 Crores (US$ 970.48 mn) during the same period of April to July 2019.

Silver Jewellery Export is showing a growth of 184.22% to Rs. 6246.12 Cr.  (166.03% in dollar terms to US$ 843.04 mn) during April 2021 to July 2021 as compared to Rs. 2197.61 Cr.  (US$ 316.89 mn) in the same period of April to July 2019.

“Silver jewellery exports have continued to be buoyant on account of the exports of silver jewellery studded with diamonds and shift in preferences of consumers in international markets from expensive precious metal – gold base jewellery to relatively lower priced precious metal base i.e.  silver.”

Coloured Gemstone Exports is showing a decline of 11.71% to Rs. 637.47 Cr.  (decline of 17.17% in dollar terms to US$ 86.14 mn)  during April 2021 to July 2021 as compared to Rs. 721.99 Cr. (US$ 104 mn) during April to July 2019. However, after a continuous decline for several months, colour gemstone have shown positive export growth of around 40 % in July 2021 in comparison to July 2019.

Commodity wise G&J Exports– April – July 2021 in comparison with Pre-Covid level April –July 2019

Courtesy: Retail Jeweller India News Service