Jul 16, 2018

India’s Polished Diamond Exports Up 5% in June

India’s polished diamond exports rose by 5.07% during the month of June 2018 as compared to a year earlier, while overall exports from the gem and jewellery sector grew by a marginal 0.9% 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$ 3,294.51 million as compared to US$ 3,265.57 million a year earlier, remaining virtually flat while total imports at US$ 2,6195.58 million were down 3.99% as compared to US$ 2,728.39 million for the same period during the previous year.

Exports of cut and polished diamonds from India during the month rose to US$ 2.08 billion from US$ 1.98 bn in June 2017, an increase of 5.07% y-o-y. Rough imports were down by 14.2% in value terms during the month to US$ 1.53 bn as compared to US$ 1.79 bn imported during the previous June. In volume terms, rough imports declined from 17.5 mn carats during June 2017 to 15.5 mn carats during June this year.

Imports of cut and polished diamonds were down by 38.37% to US$ US$ 141.10 mn in June 2018 from US$ 228.96 mn a year earlier.

Exports of gold jewellery (both studded and plain) during the month rose significantly to US$ 1,000 million from US$ 373.86 mn a year earlier. Exports of silver jewellery dropped to US$ 40.89 million in June 2018 as compared to US$ 205.36 million in the same month last year.

Coloured gemstone exports dropped in June 2018 to US$ 40.80 million as compared to US$ 51.86 million exported during the same month a year earlier.

For the first three months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 10.17 billion, a decline of 8.84% as compared to US$ 11.16 bn during the same period last year.

Polished diamond exports during April-June 2018 were up 8.90% to US$ 6.29 bn as against the US$ 5.78 bn exported over the same months last year, while imports of polished diamonds fell by 47.1% to US$ 348.55 million as compared to US$ 658.38 million for the same period of previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 14.76% to US$ 4.60 bn from US$ 5.40 bn a year earlier. In volume terms, imports fell by 9.08% from 52.55 mn cts in April-June 2017 to 47.78 mn cts in the same period this year.

In April-June 2018, exports of gold jewellery (both plain and studded) rose to US$ 3.16 bn as against US$ 1.59 bn during the first three months of the previous fiscal.

Exports of synthetic stones during April-June 2018 were US$ 49.05 mn, with synthetic diamonds (HS 71049010) accounting for around US$ 47.60 mn (as compared to US$ 59.14 mn during the comparative period a year earlier).

Exports of gold medallions & coins declined by 95% to US$ 121.1 million in the three-month period, while silver jewellery exports dropped by 93% to US$ 119.90 million, and Coloured Gemstones exports were down by 9.31% at US$ 97.65 million in April-June 2018.