Commodities

Gem, jewellery export down 8% last month

BL Mumbai Bureau | | Updated on: Dec 22, 2021
image caption

Break in manufacturing activity during Diwali seen as the reason

Gem and jewellery exports declined 8 per cent last month to $2.38 billion against $2.58 billion in the same period a year ago, largely due to break in manufacturing activity during Diwali.

In rupee terms, it was down 4 per cent to ₹17,785 crore against ₹18,471 crore logged in same period last year.

Cut and polished diamond exports was up 11 per cent to $1.30 billion ($1.17 billion), while in rupee terms in jumped 16 per cent to ₹9,720 crore (₹8,367 crore).

Duty cut sought

Colin Shah, Chairman, Gem and Jewellery Export Promotion Council, said export performance through this year is far ahead of industry’s expectations as the US, the world’s largest jewellery consumer, has increased purchases from India.

The industry has urged the government to reduce import duty on cut and polished diamonds, gold and other precious metals and amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zones in Mumbai and Surat which would help the industry achieve its export target of $70 billion in the next few years, he said.

Gem and jewellery industry expects to achieve the export target of $42 billion this fiscal year.

Between April and November, overall gross exports of gems and jewellery was up 4 per cent to $26 billion ($25 billion) while in rupee terms it was up nine per cent at ₹1.93-lakh crore. The major export markets were the US (38 per cent), Hong Kong (24 per cent), the UAE (14 per cent), Belgium (4 per cent) and Israel (4 per cent).

Gold jewellery exports last month declined 37 per cent to $709 million and down 34 per cent in rupee terms to ₹5,286 crore in November.

Gold jewellery exports between April and November dipped 28 per cent to $6.13 billion ($8.49 billion) and declined 24 per cent in rupee terms to ₹45,542 crore (₹59,783 crore).

Published on December 22, 2021

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