India's Gold, Silver Jewellery Exports Tumbled in August

NEW DELHI (Scrap Monster): The latest trade statistics published by the Gems and Jewellery Export Promotion Council (GJEPC) of India suggests significant drop in exports of gold jewellery by the country during the month of August this year. The exports of silver jewellery too recorded phenomenal decline during the month.

As per data, the country’s gold jewellery exports totaled $689.18 Million in August this year, as compared with the exports of $727.33 Million reported during the same month a year before. Over the previous year, the exports declined by nearly 5.25%. Also, silver jewellery exports tumbled even more sharply by nearly 74% from $368.76 Million in August last year to $97.04 Million in August ’17. In rupee terms the gold and silver exports reported year-on-year declines of 9% and 75% respectively.

The country’s gold jewellery exports during the initial five-month period from April ’17 to August ‘17 of the current fiscal have declined sharply by over 25%. The cumulative exports during the period from April to August this fiscal amounted to $2,844.13 Million, down by 25.47% upon comparison with the corresponding five-month period during the previous fiscal. The country’s gold jewellery exports had totaled $3,816.07 Million during Apr-August ’16.

On the other hand, despite sharp decline in August ‘17, the cumulative exports of Silver jewellery by the country during Apr-August ’17 were up by nearly 20%. The combined exports during the five-month period totaled $2,011.33 Million as against 1,678.53 Million a year before.

As per data, the exports of cut and polished diamonds by the country declined marginally during the month. The exports were down by 6.5% from $1,943.68 Million in August last year to $1,817.82 Million during the same month this year. However, the cumulative exports during the first five months of the fiscal were up marginally by 0.5%.

India's export of gold medallions & coins fell significantly by 95% to $24.08 Million during August 2017. The exports during the same month a year before had totaled $448.12 Million. The exports during Apr-August ’17 too recorded decline by 18% from $1,953.90 Million in Apr-Aug ’16 to $1,600.47 in April to August this year.

The country’s exports of Pearls plunged heavily from $0.26 Million in August ’16 to $0.05 Million in August this year. The exports of Synthetic stones increased marginally from $11.06 Million to $12.04 Million year-on-year. The exports of Costume & Fashion Jewellery registered slight decline, falling from $5.74 Million to $5.12 Million in August this year. The export of Rough diamond from the country has declined by nearly 25% in August this year. The exports during the month totaled $91.21 Million.