India’s Polished Exports Down 3.5% in February; Jewellery Exports Marginally Up

India’s Polished Diamond Exports Down 6% Y-o-Y in January, Gold Jewellery Exports Drop 3%

Exports of cut and polished diamonds from India dropped by 3.51% year-on-year during the month of February 2019, while gold jewellery (plain and studded) exports rose by a marginal 1.06% y-o-y during the same month, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

Exports of cut and polished diamonds stood at US$ 2.34 billion, a decline of 3.51% as compared to the US$ 2.43 bn exported in February 2018. Rough imports dropped during the month to US$ 1.38 billion as compared to US$ 1.68 billion imported during the previous February. In volume terms also, rough imports fell from 16.16 mn carats during February 2018 to 15.0 mn carats in February 2019.

Imports of cut and polished diamonds were down to US$ 93.59 mn in February 2019 from US$ 158.31 mn in the same month a year earlier.

Exports of gold jewellery (both studded and plain) during the month were up by 1.06% to US$ 886.40 million from US$ 877.13 million a year earlier. Exports of silver jewellery rose to US$ 75.04 million in February 2019 as compared to US$ 64.21 million in the same month last year.

Coloured gemstone exports declined to US$ 48.58 million in February 2019 as compared to US$ 57.83 million exported during the same month a year earlier.

Gross exports across all segments of gems and jewellery during April 2018-Feb 2019 registered a decline of 3.86% dropping from US$ 37.48 billion in the earlier fiscal to US$ 36.03 billion in the same period this fiscal. Imports across the sector during the same period were down 16.71% from US$ 28.91 billion in the previous financial year to US$ 24.08 billion this year.

Polished diamond exports during April 2018 – Feb 2019 were up 1.17% to US$ 21.95 bn as against the US$ 21.70 bn exported over the same months last year, while imports of polished diamonds fell by 40.41% to US$ 1.22 billion this year as compared to US$ 2.04 billion for the same period of the previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 16.83% to US$ 14.31 bn from US$ 17.21 bn a year earlier. In volume terms, imports fell by 12.32% from 170.64 mn cts in April 2017 – Feb 2018 to 149.63 mn cts in the same period in the current fiscal.

In April 2018 – Feb 2019, exports of gold jewellery (both plain and studded) rose to US$ 10.79 bn as against US$ 8.65 bn during the first eleven months of the previous fiscal.

Exports of synthetic stones during April 2018 – Jan 2019 were US$ 196.49 mn, with synthetic diamonds (HS 71049010) accounting for US$ 190.77 mn as compared to US$ 194.37 mn during the comparative period a year earlier.

Exports of gold medallions & coins declined by 62.2% to US$ 686.51 million in the eleven-month period, while silver jewellery exports dropped by 76.98% to US$ 765.98 million, and Coloured Gemstones exports were down by 5.68% at US$ 368.70 million in April 2018 – Jan 2019.

NewsSource: gjepc

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