Dec 13, 2018

India’s Gem & Jewellery Exports Slow in November Due to Diwali Break

Exports of polished diamonds and of gold jewellery were slow in the month of November due to the Diwali festival when most manufacturing units are shut for a holiday break. Polished diamond exports dipped by 12.06% and exports of gold jewellery, plain and studded dropped by 9.06%, leading to a 16.70% fall in overall gem and jewellery exports as compared to the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

Overall exports from the gem and jewellery sector for the month were US$ 2.64 billion as compared to US$ 3.17 billion a year earlier, while total imports at US$ 1.63 billion showed a decline of 44.7% as compared to US$ 2.94 billion for the same month during the previous year.

Exports of cut and polished diamonds from India during the month stood at US$ 1.56 billion, a decline of 12.06% as compared to the US$ 1.78 bn exported in November 2017. Rough imports dropped during the month to US$ 929.26 million as compared to US$ 1948.50 million imported during the previous November. In volume terms, also rough imports fell from 19.95 mn carats during November 2017 to 12.69 mn carats during November this year.

Imports of cut and polished diamonds were down to US$ 65.20 mn in November 2018 from US$ 186.49 mn a year earlier.

Exports of gold jewellery (both studded and plain) during the month were down by 9.06% to US$ 867.59 million from US$ 954.01 mn a year earlier. Exports of silver jewellery dropped to US$ 85.90 million in November 2018 as compared to US$ 221.92 million in the same month last year.

Coloured gemstone exports fell to US$ 25.75 million in November 2018 as compared to US$ 32.33 million exported during the same month a year earlier.

For the first eight months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 26.70 billion, a decline of 3.21% as compared to US$ 27.59 bn during the same period last year. Imports across the sector during the same period were down 12.41% from US$ 20.22 billion last year to US$ 17.71 billion this year.

Polished diamond exports during April-November 2018 were up 6.04% to US$ 16.55 bn as against the US$ 15.60 bn exported over the same months last year, while imports of polished diamonds fell by 39.45% to US$ 925.91 million as compared to US$ 1,529.19 million for the same period of previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 13.27% to US$ 10.34 bn from US$ 11.92 bn a year earlier. In volume terms, imports fell by 11.16% from 120 mn cts in April-November 2017 to 107 mn cts in the same period this year.

In April-November 2018, exports of gold jewellery (both plain and studded) rose to US$ 8.10 bn as against US$ 5.96 bn during the first eight months of the previous fiscal.

Exports of synthetic stones during April-November 2018 were US$ 134.42 mn, with synthetic diamonds (HS 71049010) accounting for US$ 131.52 mn as compared to US$ 134.11 mn during the comparative period a year earlier.

Exports of gold medallions & coins declined by 84.7% to US$ 258.35 million in the eight-month period, while silver jewellery exports dropped by 82.6% to US$ 503.17 million, and Coloured Gemstones exports were down by 3.26% at US$ 256.37 million in April-November 2018.