India’s exports of gold jewellery, plain and studded, to the US, the world’s largest jewellery market, have risen by 13.13% during the current fiscal and are expected to increase further on the back of good demand during the Holiday Season there, The Gem & Jewellery Export Promotion Council (GJEPC) has said.

In a statement released today, the Council reported that the country’s exports of cut and polished diamonds to the US have risen by 22.10% y-o-y to US$ 5.43 billion and jewellery exports by 13.13% to US$ 981.85 million during the first seven months of FY 2018-19.

India’s Export of Cut & Polished Diamonds and Gold Jewellery to USA

Source: GJEPC

Given that economic growth in the US has been pegged at between 3-4% during the current year and that jewellery demand there has risen by about 5% this year as a result of higher employment and private consumption expenditure, India’s exports of G&J products are likely to grow further in the coming months also, the statement added.

US trade statistics too confirm a significant rise in imports of both diamonds and gold jewellery from India during the first three quarters of 2018. US imported US$ 7.72 billion worth of cut and polished diamonds from India during Jan-Sept 2018, an increase of 17.6% the Council said, and US$ 1 billion of gold jewellery, a rise of 7.39% over the same period in the previous year.

The figures show that imports from China in these categories also increased, making it clear that the rise in Indian imports is not a result of any additional benefits on account of the US-China trade war.