Strong Global Demand Drives 16% growth of India’s Gem & Jewellery Exports In October

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, 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.

Commodity wise G&J Exports– April – October  2021

in comparison with Pre-Covid level April –October  2019

Source : GJEPC Analysis , Notes : (P) stands for provisional  Gross  Exports pertains to inclusive of return consignments , Net Exports pertains to exclusive of return consignments

Image Courtesy: Business Standard

Courtesy: Retail Jeweller World News