Gold jewellery exports from India plunge by 36%.

MUMBAI: It looks rising price of gold is leading to a decline in the export of gold jewellery exports from India. Gold jewellery exports plunged 36.44 percent (40 percent rupee term) over the comparative figure of US$ 732.11 million (rupees 3,552.92 crores) for May 2009.

According to provisional statistics pertaining to export of gem and jewellery from Gem and Jewellery Export Promotion Council for the period May 2010 as compared to the same period last year, the overall exports of gems and jewellery at US$ 2,462.49 million (rupees 11,278.22 crores) in month of May 2010 is showing a growth of 31.24 percent (23.86 percent in rupees term) as compared to US$ 1,876.27 million (rupees 9,105.52 crores) of same period previous year.

The overall export of cut and polished diamonds at of US$ 1,794.98 million (rupees 8,220.99 crores) in the month of May 2010 is showing a growth of 71.31 percent (61.67 percent in rupees term) as compared to US$ 1,047.81 million (rupees 5,085.01 crores) for the same period of previous year.

The provisional export of gold jewellery for the period May 2010 at US$ 465.36 million (rupees 2,131.34 crores) shows a decline of 36.44 percent (40 percent rupee term) over the comparative figure of US$ 732.11 million (rupees 3,552.92 crores) for May 2009.

The export of coloured gemstones at US$ 25.30 million (in rupees 115.87 crores) shows a decline of 1.82 percent (7.37 percent in rupee term) during May 2010 as compared to US$ 25.77 million (rupees 125.08 crores) in May 2009.

Source :  Commodity Online