India’s Polished Diamond Exports Up 12% in July

India’s Polished Diamond Exports Up 12% in July

India’s polished diamond exports rose by 11.67% during the month of July 2018 as compared to a year earlier, while overall exports from the gem and jewellery sector rose significantly by 27.87% in the same period, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

Total gem and jewellery exports for the month stood at US$ 3,078.45 million as compared to US$ 2,407.56 million a year earlier, while total imports at US$ 2,668.91 million rose by 34.69% as compared to US$ 1,981.59 million for the same period during the previous year.

Exports of cut and polished diamonds from India during the month rose to US$ 1.84 billion from US$ 1.65 bn in July 2017, an increase of 11.67% y-o-y. Rough imports jumped by 25.54% in value terms during the month to US$ 1.67 bn as compared to US$ 1.33 bn imported during the previous July. In volume terms, rough imports declined from 13.69 mn carats during July 2017 to 13.02 mn carats during July this year.

Imports of cut and polished diamonds were down by 41.59% to US$ US$ 133.22 mn in July 2018 from US$ 228.07 mn a year earlier.

Exports of gold jewellery (both studded and plain) during the month rose significantly to US$ 1,008 million from US$ 385.43 mn a year earlier. Exports of silver jewellery dropped to US$ 48.34 million in July 2018 as compared to US$ 189.30 million in the same month last year.

Coloured gemstone exports declined marginally in July 2018 to US$ 18.48 million as compared to US$ 19.67 million exported during the same month a year earlier.

For the first four months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 13.42 billion, a decline of 2.13% as compared to US$ 13.71 bn during the same period last year.

Polished diamond exports during April-July 2018 were up 9.51% to US$ 8.13 bn as against the US$ 7.43 bn exported over the same months last year, while imports of polished diamonds fell by 45.65% to US$ 481.77 million as compared to US$ 886.45 million for the same period of previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 6.80% to US$ 6.26 bn from US$ 6.72 bn a year earlier. In volume terms, imports fell by 8.22% from 66.24 mn cts in April-July 2017 to 60.80 mn cts in the same period this year.

In April-July 2018, exports of gold jewellery (both plain and studded) rose to US$ 4.28 bn as against US$ 2.10 bn during the first four months of the previous fiscal.

Exports of synthetic stones during April-July 2018 were US$ 64.53 mn, with synthetic diamonds (HS 71049010) accounting for around US$ 63.01 mn (as compared to US$ 67.39 mn during the comparative period a year earlier).

Exports of gold medallions & coins declined by 87% to US$ 1,201.73 million in the four-month period, while silver jewellery exports dropped by 91% to US$ 171.82 million, and Coloured Gemstones exports were down by 8.90% at US$ 116.17 million in April-July 2018.

News Source:

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.