Gems and jewellery exports declined 5.32 per cent to USD 30.96 billion in 2018-19, mainly on account of slowdown in demand in major developed markets. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), exports stood at USD 32.7 billion in 2017-18. The labour-intensive sector contributes about 15 per cent to the country’s overall exports. The decline in shipments is mainly due to negative growth in the export of silver jewellery, coloured gem stones, rough diamonds, gold medallions and coins.
As per the data, silver jewellery exports in 2018-19 dipped 75 per cent to USD 837.81 million. Similarly, outbound shipments of gold medallions and coins contracted 55.5 per cent in the last fiscal. But, exports of cut and polished diamonds marginally grew to USD 23.82 billion during the period under review. Gold jewellery shipments increased by 24.4 per cent to USD 12 billion during the period from USD 9.67 billion in 2017-18. India’s main export destinations are the US, Europe, Japan and China.
America accounts for about one-fourth of the country’s total gems and jewellery exports. During the last fiscal, consignments worth USD 8.71 billion were returned. Imports of gems and jewellery also dipped 16.17 per cent in 2018-19 to USD 26.4 billion. Imports of rough diamonds contracted 16.75 per cent, while that of gold bar rose by 38.26 per cent to USD 7.87 billion.
Source: financialexpress.com