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Hit by Covid-19, gem and jewellery exports dropped 28 per cent last fiscal to $25 billion against $35 billion in the previous financial year, as per the Gem and Jewellery Export Promotion Council data.
Cut and polished diamond exports fell 12 per cent to $16 billion ($19 billion), while that of gold jewellery more than halved to $5 billion ($12 billion).
However, silver jewellery shipments increased 39 per cent to $2 billion ($1.67 billion) even as coloured gemstone exports declined 42 per cent $187 million ($320 million).
In rupee terms, overall gems and jewellery exports declined by 26 per cent to ₹1.86-lakh crore (₹2.50-lakh crore) in FY21. CPD exports fell nine per cent to ₹1.20-lakh crore (₹1.32-lakh crore), while gold jewellery shipments were down 58 per cent to ₹35,483 crore (₹84,271 crore).
Colin Shah, Chairman, GJEPC, said last fiscal was an exceptional year, but the industry has adapted to the new normal and strived towards attaining recovery in exports in the second half of the year.
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