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India’s Export of Cut & Polished Diamonds Continue to be On a Growth Trajectory

Records 11.42% growth in November 2021 versus same period in 2019.

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(PRESS RELEASE) MUMBAI — The overall gem and jewelry exports for November 2021 witnessed a decline of 7.65% to US$ 2384.95 million (declined 3.72 % in rupee terms to Rs. 17784.92 Crore) as compared to US$ 2582.39 million (Rs. 18471.31 Crore) in November 2019. The decline was expected due to break in manufacturing activity during Diwali.

However, for the period of April to November 2021, overall gross exports of Gems & Jewellery grew by 3.54% to US$ 26.04 billion (9.21% in rupee terms to Rs. 193157.93 Crore) as compared to US$ 25.15 billion for the same period of April to November 2019. The major export markets were USA (38.33%), Hong Kong (24.46%), UAE (13.87%), Belgium (4.10%), and Israel (3.84%).

Colin Shah, Chairman, GJEPC said, “India’s gem and jewelry export performance through 2021 has been far ahead of our expectations this time last year. The good news is that the world’s biggest jewelry consuming nation, the USA, has increased purchases from India this year. We expect to achieve the export target of USD 41.65 billion this fiscal year. And we have recommended to the Government a few policy reforms to consider in the Union Budget 2022-23. These include the reduction of import duty on cut & polished diamonds, gold and other precious metals, and an amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zones in Mumbai and Surat – this would help the industry to achieve its export target of USD 70 billion in the next few years.”

Cut & Polished diamond exports in November 2021 grew by 11.42 % to US$ 1302.78 million (16.17% in rupee terms to Rs. 9719.72 Crore) as compared to US$ 1169.27 million (Rs. 8366.59 Crore) in November 2019.

Cut & Polished diamond exports in April 2021 to November 2021 grew by 21.06% to US$ 16236.63 million (27.68% in rupee terms to Rs. 120398.90 Crore) as compared to US$ 13412.44 million (Rs. 94298.84 Crore) registered during April to November 2019.

Gold Jewelry Exports in November 2021 declined by 36.52% to US$ 709.37 million (declined 33.83% in rupee terms to Rs. 5286.23 Crore) from US$ 1117.45 million (Rs. 7988.70 Crore) November 2019.

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Gold Jewelry Exports in April 2021 to November 2021 declined by 27.76% to US$ 6137.17 million (declined 23.82% in rupee terms to Rs. 45542.22) as compared to US$ 8495.58 million (59783.40 Crore) April to November 2019.

Plain Gold Jewelry Exports in April 2021 to November 2021 declined by 59.43% to US $ 2487.03 million (declined 57.20% in rupee terms to Rs. 18456.71 crore) compared to US$ 6130.43 million (Rs. 43119.84 Crore) from April to November 2019.

Studded Gold Jewelry Exports in April 2021 to November 2021 grew by 54.33 % to US$ 3650.14 million (62.54 % in rupee terms to Rs. 27085.51 Crore) compared to US$ 2365.14 million (Rs. 16663.57 Crore) April to November 2019.

Silver Jewelry Exports in April 2021 to November 2021 grew by 95.35 % to US$ 1691.86 million (105.46% in rupee terms to Rs. 12552.39 Crore) as compared to US$ 866.05 million (Rs. 6109.53 Crore) April to November 2019.

Colored Gemstone Exports in April 2021 to November 2021 declined by 12.69% to US$ 199.70 million (declined 8.14% in rupee terms to Rs. 1480.96 Crore) as compared to US$ 228.72 million (Rs. 1612.11 Crore) April to November 2019.

Commodity wise G&J Exports: April – November 2021 in comparison with Pre-Covid level April – November 2019

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Source: GJEPC Analysis , Notes: (P) stands for provisional  Gross  Exports pertains to inclusive of return consignments , Net Exports pertains to exclusive of return consignments .

Source: GJEPC Analysis , Notes: (P) stands for provisional Gross Exports pertains to inclusive of return consignments , Net Exports pertains to exclusive of return consignments .

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