Gems, jewellery exports up 56% on US demand

India’s gems and jewellery exports recorded a phenomenal growth in September on the back of a rise in demand of mid- and low-end diamond jewellery in the US. 

The US constitutes nearly 40 per cent of diamond jewellery consumption in the world.

Data compiled by apex trade body, the Gems & Jewellery Export Promotion Council (GJEPC), showed that the total exports rose a staggering 56 per cent to $4,061.87 million in September, against $2,602.26 million in the corresponding month of the previous year.

In rupee term, however, the total shipment rose 48.42 per cent at Rs 18,708.96 crore from Rs 12,605.36 crore in September 2009. Overall imports of gems and jewellery also rose sharply at $2,849.88 million (Rs 13,126.54 crore) in September — an increase of 62.24 (54.27 per cent) as compared to $1,756.53 million (Rs 8,508.63 crore) in the corresponding period last year.

During the first half of the current financial year, total exports of gems and jewellery was recorded at $18,893.38 million (Rs 87,042.84 crore), a sharp rise of 45.84 per cent (38.42 in rupee term) as compared to $12,954.78 million (Rs 62,883.74 crore) in September last year.

Imports of rough diamonds at $5,711.94 million (Rs 26,396.16 crore) during the first half showed an increase of 44.99 per cent (38.11 per cent in rupee term) compared with the imports at $3,939.44 million (Rs 19,111.83 crore) during the corresponding period of the previous year.

The growth for manufacturing export was at 30.05 per cent in dollar terms in the first half of this financial year, compared to the same period last year. In rupee terms it recorded a growth of 23 per cent in net manufacturing exports.

Export of cut and polished diamonds stood at $2,398.57 million (Rs. 11,047.82 crore) in September, recording a growth of 36.41 per cent (29.71 per cent in rupee term) as compared to $1,758.37 million (Rs 8,517.56 crore) last year.

During the first half of this financial year, the total consumption of cut and polished diamonds stood at $12,714.83 million (Rs 58,606.45 crore) recording a growth of 61.54 per cent (53.44 per cent in rupee term), compared to $7,870.91 million (Rs 38,194.82 crore) for the same period last year.

According to a statement by GJEPC, overall trade (exports and imports) of cut and polished diamonds stood at Rs 58,606.45 crore and Rs 38,846.79 crore between April and September, as compared to Rs 38,194.82 crore and Rs 23,699.78 crore, respectively, during the corresponding period last year.

Provisional export of gold jewellery for the first six-month period stood at $5,340.46 million (Rs 24,573.98 crore) recording a growth of 20.04 per cent (13.74 per cent in rupee term) from $4,448.75 million (Rs 21,606.29 crore ) in the corresponding of the previous year.

In contrast, export of coloured gemstones was at $138.79 million (Rs 640.95 crore) recording a decline of 2.06 per cent (6.73 per cent fall in rupee term) in the first half of the current financial year, compared to $141.71 million (Rs 687.22 crore) in the same period last year.