India’s Polished Diamond Exports Flat in February
Exports of cut and polished diamonds from India during the month of February 2018 remained virtually flat, rising by a mere 0.51% from US$ 2,414.61 million in the same month a year earlier to US$ 2426.86 million this year, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).
The country’s overall exports from the gems and jewellery sector during the month of February 2018 dropped year-on-year by 7.38% to US$ 3.67 billion from US$ 3.96 billion last year.
While export of cut and polished diamonds remained flat, rough imports rose by 11.35% in value terms during the month to US$ 1.68 billion as compared to US$ 1.51 bn imported during the previous February. In volume terms, rough imports declined from 17.80 mn carats during February 2017 to 16.8 mn carats during February this year.
Imports of cut and polished diamonds were down by 11.7% to US$ 158.31 million in February 2018 from US$ 179.32 million a year earlier.
Overall exports of gold jewellery (both studded and plain) during the month almost doubled to US$ 889.59 million from US$ 452.17 mn a year earlier. Exports of silver jewellery dropped to US$ 67.19 million in February 2018 as compared to US$ 420.43 million in the same month last year.
Coloured gemstone exports rose in February 2018 to US$ 58.08 million as compared to US$ 52.83 million exported during the same month a year earlier.
For the first eleven months of the fiscal year 2017-18, overall gem and jewellery exports now stand at US$ 37.60 billion, a decline of 3.63% as compared to US$ 39.01 bn during the same period last year.
Polished diamond exports during April 2017-Feb 2018 were up 3.78% to US$ 21.71 bn as against the US$ 20.92 bn exported over the same months last year, while exports of gold jewellery (both plain and studded) were up 8.17% at US$ 8.66 bn as against US$ 8.01 bn during the first eleven months of the previous fiscal.
During the fiscal year to date, import of rough diamonds showed a growth of 11.14%, rising to US$ 17.21 bn from US$ 15.48 bn a year earlier. In volume terms, imports rose by 30.42% from 136.84 mn cts in April 2016-Feb 2017 to 178.47 mn cts in the same period this year.
Exports of synthetic stones during April 2017-Feb 2018 were US$ 198.44 mn, with synthetic diamonds (HS 71049010) accounting for around US$ 112.89 mn (as compared to US$ 94.38 mn during the comparative period a year earlier). These were from Surat SEZ.
Exports of gold medallions & coins declined by 60.11% to US$ 1.90 billion in the eleven month period, while silver jewellery exports were flat, dipping by 0.70% to US$ 3.33 billion, and coloured gemstones exports were up by 3.63% at US$ 392.13 million in April 2017-Feb 2018.