India’s overall exports from the gem and jewellery sector during the month of November registered a year-on-year increase of 27.25% at US$ 3.27 billion, driven by a sharp increase in both exports of polished diamonds and jewellery as compared to the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

The comparative surge would be due, in large measure, to the impact that the government’s sudden demonetisation announcement of November 2016 had on the export trade last year, coupled with the fact that the Diwali festival when cutting and polishing units are shut, was celebrated in November last year, but fell in October this year.

Exports of cut and polished diamonds from India during the month rose to US$ 1.78 billion from US$ 1.19 bn last year, a jump of 49.9% y-o-y. Rough imports shot up by 63.6% in value terms during the month to US$ 1.95 billion as compared to US$ 1.19 bn imported during the previous November. In volume terms, 21.8 mn carats of rough were imported during the month, more than double the imports of 8.6 mn carats during November ‘16.

Imports of cut and polished diamonds were up by 12.24% to US$ 186.16 million in November 2017 from US$ 165.86 million a year earlier.

Exports of gold jewellery (both studded and plain) during the month rose by 75.46% to US$ 996.32 million from US$ 567.82 mn a year earlier. Exports of silver jewellery dropped to US$ 225.30 million in November 2017 as compared to US$ 327.70 million in the same month last year.

Coloured gemstone exports rose in November 2017 to US$ 32.48 million as compared to US$ 23.49 million exported during the same month a year earlier.

For the first eight months of the fiscal year 2017-18, overall gem and jewellery exports now stand at US$ 27.68 billion, a decline of 4.21% as compared to US$ 28.90 bn during the same period last year.

Polished diamond exports during April-Nov 2017 were up 1.29% to US$ 15.60 bn as against the US$ 15.41 bn exported over the same months last year, while exports of gold jewellery (both plain and studded) dipped by 3.18% to US$ 6.01 bn  as against US$ 6.20 bn during the first eight months of the previous fiscal.

During the fiscal year to date, import of rough diamonds showed a growth of 5.34%, rising to US$ 11.92 bn from US$ 11.31 bn a year earlier. In volume terms, imports rose by 38.07% from 92.90 mn cts in April-Nov ’16 to 128.3 mn cts in the same period this year.

Exports of synthetic stones during April-November 2017 were US$ 137.39 mn, with synthetic diamonds (HS 71049010) accounting for around US$ 80.78 mn (as compared to US$ 65.09 mn during the comparative period a year earlier). These were from Surat SEZ.

Exports of gold medallions & coins declined by 49.88% to US$ 1.73 billion in the eight month period, while silver jewellery exports rose by 18.54% to US$ 2.89 billion, and Coloured Gemstones exports displayed a growth of 2.1% at US$ 265.61 million in April-November ’17.