Jewellery exports to US rise 7.8% in October-December

Shipments to the US rose to $2.52 billion in the December quarter

Gems and jewellery exports to the US grew 7.81 per cent in the December quarter on a sharp increase in shipments of cut and polished diamonds. 

According to the Gems and Jewellery Export Promotion Council (GJEPC), India’s shipment of precious stones and ornaments to the US rose to $2.52 billion in the December quarter from $2.34 billion in the same period a year ago.

“Growth in US sales has been throughout the year, but the December quarter was the best in 2016,” said Praveen Shankar Pandya, chairman, GJEPC. Starting with Thanksgiving, the 45-day period of celebrations account for 40-45 per cent of annual jewellery sales in the US. 

“US President-elect Donald Trump’s decisions to support manufacturing in the US will help stop the US diamond cutting and polishing industry from shifting to Mexico. India will reap the benefits if the US industry flourishes,” said Pravin Nanavati, secretary, Surat Heera Bourse.

During October-December 2015, the share of cut and polished diamonds in gems and jewellery exports to the US was 59 per cent, which has climbed to over 72 per cent in the same period of 2016.