India’s overall gross exports of gems and jewellery grew 6.3% year on year to $2.49 billion in December 2020 as retail demand picked up in key markets. Meanwhile, overall gross imports of gems and jewellery declined 7% to $2.14 billion, indicating the clearing of inventory from the pipeline as manufacturing activity has yet to reach pre-Covid levels.
India’s total gem and jewellery exports in the April-December 2020 year-to-date period witnessed a 40% plunge to $16.526 billion on account of the impact of the pandemic. Overall gross imports of gems and jewellery during the same nine-month period dropped 46% to $9.94 billion, reflecting reduced manufacturing activity as factories shut down across the country in line with precautionary measures announced by the state and central governments.
The overall gross exports of cut and polished diamonds, which accounted for the majority of the country’s exports, grew 38% year-on-year to $1.736 billion in December 2020. The overall gross imports of cut and polished diamonds at $120.46 million in December 2020 declined 21% versus $152.26 million in December 2019.
In April-December 2020, the overall gross exports of cut and polished diamonds at $10,687.61 million showed a decline of 27% compared to the same period in the previous year. Meanwhile, April-December 2020 gross imports of cut and polished diamonds grew 34% to $1424.01 million.
Year-to-date gross imports of cut and polished diamonds in the Domestic Tariff Area (DTA) dropped 63% to $155.39 million, and grew 97% to $1.268 billion in SEZs (mainly Surat SEZ).
In April-December 2020, rough diamond gross imports declined 33% to $6.76 billion, and plunged 430% in volume terms to 80.85 million carats.
Polished lab-grown diamond (LGDs) gross exports in April-December 2020 grew 56% to $486.53 million.
The total gross export of gold jewellery (plain and studded) declined 35% to $503.53 million in December 2020, and plummeted 67% to $3.020 billion in the April-December 2020 period.
Continuing the positive trend shown throughout most of the year, gross exports of silver jewellery rose 51% to $1.532 billion in April-December 2020 (mainly from Surat SEZ). Platinum jewellery gross exports, too, shot up 74% to $11.12 million in the nine-month period.
Coloured gemstone provisional gross exports from April to December 2020, dropped 50% to $122.98 million. Provisional gross exports of gold medallions and coins for the April-December 2020 period dropped 66% to $242.95 million versus a year ago.