Economy

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

Suresh P Iyengar Mumbai | Updated on May 16, 2020 Published 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

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.