Connect with us

Press Releases

India’s Gem & Jewelry Exports Rise by 9% to Rs. 46414.38 CR In April-May 2021 Versus April-May 2019

Studded gold jewellery witnessed a growth of 41% in April – May 2021 to US$730.04 million from US$516.81 million (Rs. 1108.61 Cr) in April – May,2019.

mm

Published

on

(PRESS RELEASE) MUMBAI — In the first two months of Fiscal Year 2021-22 (April-May 2021), the overall gross exports of gems and jewelry grew 4% to US$6.31 billion (and grew by 9% in Rupee term to Rs. 46414.38 Cr) compared to US$6.10 billion (Rs. 42571 Cr) during the same period of pre pandemic year 2019.

Colin Shah, chairman, GJEPC, said, “The revival of exports has happened due to the opening of international markets, resurgent demand and strong unstinted support from the Government of India on various issues. Some of the pro-industry announcements include the reduction in import duties on various rough gem and jewelry commodities viz. gold bars, silver bars, palladium, gold and silver findings etc., the revamped Gold Monetisation Scheme and extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months.”

India’s Gem & Jewelry Exports Rise by 9% to Rs. 46414.38 CR In April-May 2021 Versus April-May 2019

Gem & Jewellery Exports: Jan-May 2021 as compared to Jan-May 2019 (pre-covid levels)


India’s Gem & Jewelry Exports Rise by 9% to Rs. 46414.38 CR In April-May 2021 Versus April-May 2019

Source: GJEPC

Colin Shah added, “we are hopeful that with the support provided by the Government and GJEPC’s continued efforts by way of organising various trade shows and resolving day-to-day challenges of trade members, exports would bounce back in the coming months. Furthermore, GJEPC is organising one of its key trade shows in the month of August 2021 in Dubai which would further enhance morale of the Indian manufactures and traders and boost their export business.”

India’s April-May 2021 export growth was driven mainly by the Domestic Tariff Area (DTA), which witnessed a 15% growth in exports compared with the 31% decline in exports recorded from Special Economic Zones (SEZs).

Advertisement
India’s Gem & Jewelry Exports Rise by 9% to Rs. 46414.38 CR In April-May 2021 Versus April-May 2019

Gem & Jewellery Exports from SEZ and DTA

India’s overall gross exports of gems and jewelry in May 2021 declined 10% to US$2.89 billion (declined by 5% in Rupee term to Rs. 21188 Cr) as compared to US$3.20 billion (Rs. 22388 Cr) in May 2019.

India’s gem and jewelry exports in May 2021 slipped into negative territory due the severe disruption in manufacturing activity caused by the outbreak of the second Covid wave across the country. The mix of partial and complete lockdowns in different states led to limitations on workforce capacities and related manufacturing activities.

Cut and polished diamond (CPD) exports witnessed an increase of 21% to $4.26 billion (increased by 27% in Rupee term to Rs. 31229 Cr) in April-May,2021 in comparison to USD 3.5 billion (Rs. 24514 Cr) in April-May,2019, as manufacturers kept pace with strong retail demand in key export markets like the USA, China, and Europe, despite operating with limited labour and pandemic restrictions.

India’s total Jewelry exports (including plain and studded gold jewelry) declined by 42% to US$1.16 billion (declined by 39% in Rupee term to Rs. 8596 Cr) in April-May, 2021 to USD 2.00 billion (Rs. 14012 Cr.) in April-May, 2019.

Plain gold jewelry exports from India suffered from a lack of sales to tourists in major destinations such as Singapore, Malaysia, and Dubai where some pandemic-related travel restrictions are still in place. In addition, the second Covid wave and subsequent lockdowns triggered yet another exodus of goldsmiths and artisans, who fled to their hometowns. As a result, Indian plain gold jewelry exports April-May 2021 declined 71% to US$434.11 million (declined by 69%in rupee term to Rs. 3211 Cr) from US$1.49 billion (Rs. 10404.50 Cr) in April-May,2019

Advertisement

By contrast, Studded gold jewelry witnessed a growth of 41% in April – May 2021 to US$730.04 million (grew by 49% in Rupee Term to Rs. 3985.46 Cr) from US$516.81 million (Rs. 1108.61 Cr) in April – May, 2019 owing to the reviving retail demand in key export markets like the USA, Hong Kong, etc.

The clear shift in consumer preferences towards silver jewelry post-pandemic led to India’s silver jewelry exports more than tripling in the April – May 2021 period, rising 239% to US$539.09 million (259.50% to Rs. 3985.46 Cr.) from US$158.79 million (Rs. 1108.61 Cr) in April -May 2019.

A drop in export orders and non-availability of rough coloured gemstones from major key sourcing partners like Brazil and Africa due to the restriction of activities amid Covid-19 led to a 38% decline in Indian coloured gemstone exports during April – May 2021 to US$37.90 million (declined by 31% in Rupee terms to Rs. 280.22 Cr) versus US$ 60.96 million (Rs. 425.51 Cr) in April-May, 2019.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular