Economy

Gem and jewellery exports dip to three-year low in FY'20

Suresh P Iyengar Mumbai | Updated on May 16, 2020

Curbing import will help trim debt of jewellery exporters

Plunge 43 per cent in March as Covid pandemic mar demand

Gem and jewellery exports in March declined 43 per cent to $1.86 billion against $3.23 billion logged in the same period last year as the demand was suppressed due to Covid outbreak.

In rupee terms, it was down 39 per cent to Rs 13,745 crore (Rs 22,463 crore).

In the financial year ended March, exports slipped to three year low of $35 billion (Rs 2.61 lakh crore) against $39 billion (Rs 2.92 lakh crore), a fall of 10.60 per cent.

Colin Shah, Vice Chairman, Gem and Jewellery Export Promotion Council of India told Business Line that the performance numbers reflect the weak demand for jewellery across the globe and the outbreak of Covid pandemic has cast further gloom.

Given the potential, he said the industry needs urgent government attention and special package to handhold exporters in difficult time besides reviving sentiments.

Cut and polished diamond exports in March plunged 48 per cent to $960 million ($1.86 billion) and in rupee terms it was dipped 45 per cent to Rs 7,101 crore (Rs 12,910 crore).

Gold jewellery exports also dived 44 per cent to $561 million ($997.28 million) in March and slipped 40 per cent to Rs 4,152 crore (Rs 6,929 crore).

Weak yearly trend

Cut and polished diamond exports in the financial year ended March was down 22 per cent $19 billion ($24 billion) and in rupee terms dropped 21 per cent to Rs 1.32 lakh crore (Rs 1.66 lakh crore).

However, gold jewellery shipments were up two per cent to $12 billion and rose four per cent to Rs 84,747 crore (Rs 81,825 crore).

Silver jewellery exports more than doubled to $1.68 billion ($829 million) Rs 12,018 crore against Rs 5845 crore logged in the same period last year.

Coloured gemstone exports declined 19 per cent to $ 321 million ($396 million) and down 18 per cent to Rs 2,272 crore (Rs 2,777 crore).

Import too dipped

The overall gross import of gems and jewellery in last fiscal declined of 6 per cent to $24 billion ($25 billion) and rough diamond slipped 16 per cent to $13 billion ($15 billion).

However, the overall cut and polished diamond import registered a growth 29 per cent to $1.72 billion ($1.33 billion) in last fiscal.

Published on May 16, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor