Gems, jewellery exports bounce back to pre-pandemic levels – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/trade/exports/insights/gems-jewellery-exports-bounce-back-to-pre-pandemic-levels/articleshow/84403840.cmsSynopsis

The overall gross exports of gems and jewellery witnessed a growth of 8.46% to Rs. 67,265.66 crore during April – June of 2021 as compared to Rs 62,018.48 crore during the same period in April -June 2019, according to figures released by Gem & Jewellery Export Promotion Council (GJEPC) released on Wednesday.

The gems and jewellery exports from the country have bounced back to the pre-pandemic levels. The overall gross exports of gems and jewellery witnessed a growth of 8.46% to Rs. 67,265.66 crore during April – June of 2021 as compared to Rs 62,018.48 crore during the same period in April -June 2019, according to figures released by Gem & Jewellery Export Promotion Council (GJEPC) released on Wednesday.

Overall gross exports of gem and jewellery witnessed a growth of 4.83% to Rs. 20851.28 crore during the month of June 2021 as compared to Rs. 19891.10 crore in June 2019, a media release issued by GJEPC said.

Colin Shah, chairman, GJEPC said, “Growth in exports is majorly attributed to the revived import demand from India’s leading export market of USA, fulfilment of export orders received by numerous Indian exhibitors during the virtual buyer-seller meets conducted by the council. Revival of demand for studded jewellery products and re-stocking/increasing the inventory levels majorly attributed to the swift recovery of exports of cut and polished diamonds as well as studded jewellery.

Cut and Polished diamond exports have registered a growth of 24.46% to Rs 14,512.11 crore in June 2021 as compared to Rs 11,660.29 crore in June 2019.

From April to June 2021, cut and polished diamond exports have recorded a growth of 26.45% to Rs 45,741.52 crore as compared to Rs 36173.89 crore registered during April to June 2019. GJEPC has not compared the figures with the same period last year, as there was Covid induced lockdowns in many parts of the world including India.

Gold jewellery exports have, however, declined 34.26% to Rs 4185.10 crore in June 2021 as compared to Rs. 6366.09 crore in June 2019.

In the period April – June 2021, gold jewellery exports are showing a decline of 35.93% to Rs 12781.31 crore as compared to Rs. 19947.59 crore during April to June 2019, the release added.

Plain gold jewellery exports are showing a decline of 69.55% to Rs 4608.91 crore for the period of April – June 2021 as compared to Rs 15136.70 crore during April to June 2019.

Shah said “While plain gold jewellery exports at US$624.32 million in April – June 2021 have been relatively more than its exports recorded in April -June 2020, however still it is 71.33% less as compared to April -June 2019. This is primarily because the sector is facing critical domestic challenges including non-availability of the precious metal, that is gold, and duty drawback rates not being at par with the actual duty paid leading to compressed margins for the exporters and also making the products less competitive in the world market.”

Studded gold jewellery exports are showing a growth of 69.87% to Rs 8172.40 crore in April 2021 – June 2021 as compared to Rs 4810.99 crore during the same period in April to June 2019.

Silver jewellery exports are showing a growth of 171.23% to Rs 4638.29 crore from April to June 2021 as compared to Rs. 1710.12 crore during the same period of April to June 2019.

Coloured gemstone exports have witnessed a decline of 24.78% to Rs 447.85 crore April to June 2021 as compared to Rs 595.39 crore during the same period April to June 2019.

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