Commodities

Gem, jewellery exports dip 27% as Covid takes off the sheen

Our Bureau Mumbai | Updated on October 11, 2020 Published on October 11, 2020

Gem and jewellery exports in September declined by 27 per cent to $2.47 billion in September against $3.39 billion logged in the same period last year, on the back of Covid pandemic hitting demand for luxury items.

In rupee terms, it was down by 25 per cent to ₹18,144 crore (₹24,157 crore).

The overall exports in the six months of this fiscal plunged 43 per cent to $8.48 billion against $14.87 billion in the same period last year, while in rupee terms it dipped 39 per cent to ₹63,340 crore (₹104,295 crore).

Cut and polished diamond exports was down 20 per cent at $1.56 billion ($1.95 billion) and 17 per cent to ₹11,495 crore (₹13,875 crore).

Gold jewellery exports more than halved to $481 million ($1.07 billion) as high prices depressed jewellery sales. In rupee terms, it dropped 54 per cent to ₹3,532 crore (₹7,626 crore).

Yearly trend depressing

Cut and polished exports in first of this fiscal dropped 37 per cent to $5.50 billion (₹41,098 crore).

Gold jewellery shipments dived 66 per cent to $1.33 billion (₹9,927 crore) against $3.97 billion (₹27,945 crore).

However, silver jewellery exports were up 80 per cent to $864 million .

Coloured gemstone exports declined 63 per cent to $65 million (₹485 crore) from $176 million (₹1,237 crore).

Imports down

Gem and jewellery imports halved to $4.23 billion ($ 8.89 billion) between April and September.

Rough diamonds’ buying halved to $2.56 billion ($5.90 billion), while those of cut and polished increased 59 per cent to $950 million ($598 million).

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Published on October 11, 2020
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