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Gems and Jewelry Exports Recover to USD 1764.06 Million in August 2020

The recovery is due to growth in demand for diamonds and jewelry in international markets.

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(PRESS RELEASE) MUMBAI — The gems and jewelry exports have shown signs of recovery and has registered at USD 1764.06 Million in August 2020, as compared to USD 36 Million in April 2020. The recovery is due to growth in demand for diamonds and jewelry in international markets like US, China, Europe etc. which have opened for trade.

However, as compared with a year on year comparison, gross exports at USD 1764.06 Million in August 2020 is showing decline of 41.55 percent, as compared to gross exports of USD 3018.32 in August 2019.

Commenting on the export number, Colin Shah, Chairman, The Gem and Jewellery Export Promotion Council said, “We are optimistic of the near and long term, as several countries are now open for trade. We have witnessed initial signs of recovery from markets like the US, China, Europe and the export orders have seen a steady rise month on month over the last 4-5 months. From USD 36 million worth of exports in April 2020, the export numbers have recorded USD 1764.06 Million in August 2020, which is a healthy recovery. All the gems and jewelry export units are working in full swing and the trade is getting back to normalcy. We are optimistic that we will be able to have a decent recovery of gems and jewelry exports from the current levels and the overall decline gap will be minimised and with the way markets are opening, the way the trade is recovering, we are hopeful that we will be able to restrict the downside of exports to just over 20-25 percent at the closure of the fiscal year, as compared with previous year exports.”

For the April to August 2020 period, the overall gross exports of gems & jewelry at US$ 6008.57 million (Rs. 45189.76 crores) is showing a decline of 47.65% (-43.59% in Rs term) as compared to US$ 11478.14 million (Rs. 80116.55 crores) for the same period previous year. The overall gross exports of gems & jewelry at US$ 1764.06 million (Rs. 13160.240 crores) in the month of AUG 2020 witnessed a decline of 41.55% (-38.84% in Rs. term) as compared to US$ 3018.32 million (Rs. 21518.73 crores) for the same period previous year.

Imports of gems & jewelry for the April to August at US$ 2342.134 million is showing a decline of 65.64% as compared to US$ 6816.92 million for the same period previous year.

During the April to August period, the overall gross exports of Cut & Polished diamonds at US$ 3936.98 million is showing a decline of 41.42% as compared to US$ 6720.42 million for the same period of previous year. In the month of August, the gross export of Cut & Polished diamonds at US$ 1216.79 million is showing a decline of 25.72% as compared to US$ 1638.22 million for the same period of previous year.

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The overall gross Imports of Cut & Polished diamonds at US$ 179.19 million ( Rs. 1337.37 crores) in month of AUG 2020 is showing a growth of 58.12% (65.97% in Rs. term) as compared to US$ 113.32 million (Rs. 805.8 crores) for the same period of previous year.

Gross export of total gold jewelry for the period APR 2020 – AUG 2020 at US$ 850.590 million is showing a decline of 70.61% over the comparative figure of US$ 2894.58 million for previous year.During the month of August, the total gross export of gold jewelry at US$ 313.08 million is showing a decline of 67.64% as compared to US$ 967.42 million for the same period of previous year.

Gross export of silver jewelry for the period APR 2020 – AUG 2020 at US$ 632.73 million is showing a growth of 74.610% over the comparative figure of US$ 362.37 million for previous year.

For the period APR 2020 – AUG 2020, gross export of Coloured Gemstones at US$ 47.33 million is showing a decline of 63.13% over the comparative figure of US$ 128.38 million for previous year.

Gross export of platinum jewelry for the period APR 2020 – AUG 2020 at US$ 1.97 million is showing a growth of 6.06% over the comparative figure of US$ 1.86 million for previous year.

During the April 2020 -August 2020, India’s top exporting destinations for gem and jewelry were: Hong Kong ($2716.29 million), USA ($1739.49 million), UAE ($398.49 million), Belgium ($258.82 million), Israel ($167.12 million), Turkey ($146.50 million), Thailand ($110.72 million), U.K (72.94 million), Japan ($64.17 million), and Switzerland ($48.90 million).

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