Gem, jewellery exports up 45.2% at Rs 31,241.09 crore in Oct: GJEPC

The gem and jewellery exports witnessed a growth of 45.2 per cent during October at Rs 31,241.09 crore (USD 4,170.59 million) compared to the same month last year due to strong demand from key markets, led by the US, GJEPC said on Tuesday.

The overall exports during October 2020 stood at Rs 21,515.97 crore (USD 2,928.26 million) during October 2020, according to data by Gem and Jewellery Export Promotion Council (GJEPC).

The overall sentiment in the gem and jewellery industry is quite positive. Manufacturing activity peaked in the pre-Diwali period, reflected by the 16% jump in exports for October due to strong demand from key markets, led by the US.

"I estimate that this spike would be immediately followed by a dip in manufacturing activity as most companies closed for the traditional Diwali break. However, I am hopeful that the momentum will recover in the last quarter of the financial year, thus helping us achieve our goal of USD 41.75 billion in exports for the year 2021-22, GJEPC chairman Colin Shah said.

Meanwhile, the overall export of cut and polished diamonds grew by 47.90 per cent in October to Rs 19,178.5 crore compared to Rs 12,966.89 crore in the same month of 2020.

The total export of gold jewellery in October grew by 72.05 per cent at Rs 8,152.92 crore compared to Rs 4,738.77 crore in the same period of previous year.

Provisional gross export of silver jewellery for the period April-October went up by 25.98 per cent at Rs 11,331.52 crore from Rs 8,994.9 crore in the same period of last year.

Gross export of platinum jewellery during April-October witnessed a growth of 227.26 per cent at Rs 137.6 crore compared to Rs 42.05 crore in the same period of previous year.

Similarly, exports of coloured gemstones for the period April-October grew by 105.39 per cent at Rs 1,297.45 crore over Rs 631.7 crore in the same months of last year.