Gem, jewellery export dip 35% in June as Covid-19 takes a toll

Mumbai | Updated on July 13, 2020 Published on July 13, 2020

Gem and jewellery exports dipped 35 per cent in June to $1.65 billion as against $2.52 billion logged in the same period last year, as demand was hit by the Covid-19 pandemic across the globe. In rupee terms, it declined 28 per cent to ₹12,483 crore (₹17,393 crore), according to data released by the Gem and Jewellery Export Promotion Council on Monday.

Cut and polised diamond exports plunged 47 per cent to $898 million against $1.69 billion recorded last year while in rupee terms it declined 42 per cent to ₹6,805 crore (₹11,662 crore).

Similarly, gold jewellery shipments dipped 41 per cent to $237 million ($400 million) due to high gold prices and dropped 35 per cent in rupee terms to ₹1,797 crore (₹2,756 crore).

Weak quarter

The overall gems and jewellery exports more than halved to $2.75 billion ($6.07 billion) and dropped 51 per cent to ₹20,797 crore (₹42,175 crore) in the quarter ended June as the industry limped back to normalcy after the Covid-induced lockdown.

Cut and polished exports halved to $1.80 billion ($3.58 billion) and 45 per cent to ₹13,638 crore (₹24,838 crore). Gold jewellery exports is down 79 per cent this fiscal to $321 million (₹2,433 crore) against $1.54 billion (₹10,689 crore) logged last year.

However, silver jewellery exports doubled to $325 million while that of coloured gemstone was down 81 per cent to $16 million ($83 million)

Gems and jewellery imports this fiscal is down 75 per cent to $915 million ($ 3.63 billion). Rough diamond imports declined 83 per cent to $482 million ($2.78 billion). Cut and polished diamond increased 22 per cent to $303 million ($248 million) as lot of consignments were sent back by the buyers.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 13, 2020
This article is closed for comments.
Please Email the Editor