India’s H1 gem & jewellery exports rise 11% to Rs 140412.94 crore versus 2019

Mumbai: India’s Gem & Jewellery exports have been picking up since the start of the year and have maintained the momentum through the first half of the fiscal year. During April to September 2021, the overall gross exports of gems & jewellery recorded a growth of 11% to Rs. 140412.94 crore (+5.13% in dollar terms to US$18984.49 million) as compared to April-September 2019 of Rs. 126461.93 crore (US$ 18058.52 million).

Colin Shah, Chairman, GJEPC said, “With USD 18984.49 million exports during April-September, the sector has already achieved nearly half (46%) of the USD 41.66 billion G&J exports target set by the Govt. The sentiment in the industry is incredibly positive with markets opening up and demand gradually returning to normal. GJEPC successfully concluded the International Gem & Jewellery Show (IGJS) in Dubai recently; and we have received particularly good feedback from the exhibitors and buyers. Moreover, with the festive season coming up, we are optimistic to achieve the export target by the end of the financial year.”

“Being a labour-intensive industry and looking at the growth potential the sector, the Government has declared gems and jewellery sector as a focus area for export promotion. We have been receiving full support from the Ministry of Commerce & Industry to achieve our target of USD 75 billion in the next few years. I am thankful to our Piyush Goyal, Hon’ble Minister of Commerce & Industry, who has been lending an empathetic ear to exporters in pursuit of our mission to push export growth.”

“In just a couple of weeks, Piyush ji spent several hours with gem and jewellery exporters to grasp the ground realities and hurdles that the sector faces. On 17^th September, the Minister visited the Surat Diamond Bourse. On 18^th September, he travelled to the 37^th edition of India International Jewellery Show held in Bengaluru and spent nearly three hours walking around the five expo halls and meeting with manufacturers, making it the longest amount of time that any Commerce Minister of India has spent at IIJS. Less than a week later, on 23^rd September, Goyal became the first ever Commerce Minister to visit SEEPZ in Mumbai, where he met with officials from GJEPC and SEEPZ along with jewellery exporters.”

During his visit to SEEPZ, Goyal announced a Rs 200 crore grant for upgrading the SEEPZ infrastructure and an additional Rs 70 crore for developing an on-site Mega Common Facility Centre (CFC).

The space transfer policy announced on 11th October 2021 by the Department of Commerce, Ministry of Commerce & Industry, will significantly facilitate of ease doing business in Special Economic Zones (SEZ), which account for a 30% share in India’s total gem and jewellery exports.

During September 2021, the overall gross exports of Gems & Jewellery is showing a decline of 0.99% to Rs. 23259.550 crore (-4.03% in dollar terms to US$ 3162.25 million) as compared to Rs. 23491.20 crores (US$ 3294.87 million) in September 2019.

During April-September 2021, Cut & Polished Diamond exports grew 26.98% to Rs. 91489.2 crore (20.24% in dollar terms to US$ 12372.04 million) as compared to Rs. 72047.99 crore (US$ 10289.10 million) during April-September 2019. 

Cut & Polished Diamond exports have registered a growth of 1.12% to Rs. 14028.04 crore (decline of 1.97% in dollar terms to US$ 1907.3 million) in September 2021 as compared to Rs. 13872.63 crore (US$ 1945.68 million) in September 2019. 

During April-September 2021, Gold Jewellery Exports declined 28.52% to Rs. 29379.36 crore (decline of 32.34% in dollar terms to US$ 3971.020 million) as compared to Rs. 41103.82 crore (US$ 5869.50 million) for the same period in 2019. 

In September 2021 Gold Jewellery Exports declined 19.32% to Rs. 5656.32 crores (decline of 21.85% in dollar terms to US$ 768.96 million) as compared to Rs. 7011.07 crore (US$ 983.89 million) in September 2019. 

In April-September 2021, Plain Gold Jewellery Exports dropped 61.28% to Rs. 11617.98 crore (declined 63.38% in dollar terms to US$ 1569.65 million) as compared to Rs. 30006.04 crore (US$ 4286.02 million) during April-September 2019.  

In April-September 2021, Studded Gold Jewellery Exports shot up 60.04% to Rs. 17761.38 crore (51.65% in dollar terms to US$ 2401.36 million) as compared to Rs. 11097.78 crore (US$ 1583.48 million) during the same period of 2019.  

From April-September 2021 Silver Jewellery Exports increased 153.14% to Rs. 9477.39 crore (139.96% in dollar terms to US$ 1280.23 million) as compared to Rs. 3743.93 crore (US$ 533.53 million) in April-September 2019. 

Coloured Gemstone Exports in the fiscal year-to-date declined 15.37% to Rs. 1059.95 crore (declined 19.56% in dollar terms to US$ 143.34 million) compared to Rs. 1252.45 crore (US$ 178.26 million) recorded in the corresponding period in 2019.  

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

Courtesy: Retail Jeweller India News