Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.