India’s overall gross exports of gems and jewellery in the month of July this year declined 38% to $1.35 billion, compared to $2.19 billion in July 2019, due to the global economic slowdown caused by the Covid pandemic.
The country’s overall gross imports of gems and jewellery in July, at $615.14 million, declined 57% compared to $1.42 billion in the same period last year.
For the April-July 2020 period, India’s overall gross exports of gems and jewellery, at $4.10 billion, dropped 50% versus $8.26 billion on a year-on-year basis.
The same four-month period saw India’s overall gross imports of gems and jewellery decline by 70% to $1.53 billion, versus $5.07 billion in the comparable period in 2019.
During April-July 2020, export growth of cut and polished diamonds (-46%), polished lab-grown diamonds (-23%), coloured gemstones (-69%) , gold jewellery (-74%) and other jewellery products have witnessed declines, while exports growth of silver jewellery (+102%) have registered an increase .
Imports of all commodities, including rough diamonds, rough lab-grown diamonds, rough coloured gemstones, and gold/silver bars declined during April-July 2020, indicating reduced manufacturing activities and demand for gem and jewellery products in the country.
In April-July 2020, India registered declines to all its top ten export destinations: Hong Kong (-38% to $2.05 billion); USA (-65% to $1.09 billion); UAE (-94% to $200.23 million); Belgium (-72% to $173.55 million); Turkey (-58% to $113.25 million); Israel (-67% to $96 million); Thailand (-70% to $69 million); Japan (-70% to $43 million); UK (-78% to $39 million); and Switzerland (-63% to $36 million).
India’s overall gross export of cut and polished diamonds in July declined 39% to $918.44 million and fell 46% to $2.72 billion in April-July. In contrast, imports of cut and polished diamonds in July this year grew 139% to $271.90 million; and in April-July 2020 shot up 59% to $575.35 million on a year-on-year basis.
The overall gross imports of cut and polished diamonds in the Domestic Tariff Area (DTA) at US$ 112.98 million (Rs. 848.98 crores) is showing a growth of 48.72% (-44.39% Rs. term)as compared to US$ 220.30 million (Rs. 1526.72 crores) for the same period of previous year.
In April-July 2020 gross imports of rough diamonds dropped 82% to $712.55 million compared imports of$3.87 billion in the previous year. In volume terms, gross rough diamond imports slipped 77% to 8.85 million carats in the four-month period.
Provisional gross export of polished lab-grown diamonds for the April-July 2020 period, too, fell 23% to $77.74 million versus the comparable period a year ago.
The total gross export of gold jewellery at $173.69 million declined 49%to $339.83 million in July 2020; and dropped 74% to $494.920 million in April-July 2020.
Provisional gross export of all kinds of studded gold jewellery in April-July 2020 dropped 64% to $242.03 million.
Provisional gross exports of silver jewellery in April-July 2020 grew 102%to$510.82 million, mainly from the Surat SEZ.