GJEPC: Gold Jewellery Exports Dipped in 2021

SEATTLE (Scrap Monster): The Gem and Jewellery Export Promotion Council (GJEPC) noted that the gems and jewellery exports by the country totalled $32.37 billion during April-January this fiscal. This is higher by 6.5%, compared with the exports which stood at $30.40 billion during the corresponding period of the previous year.

The top destination of export was the UAE, which accounted for almost 42% of the country’s total exports. The other major export destinations were Belgium and Japan with 15.8% and 12.2% export share respectively. Also, Hong Kong received over 3% of the exports during the ten-month period of the fiscal.

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According to GJEPC, gold jewellery exports during the period registered 24.24% decline to total $7.68 billion. Also, plain gold jewellery shipments declined by nearly 56% to $3.2 billion. The export sector reported quick recovery post the pandemic, rising by 12.3% to INR 2.4 lakh crore, as compared with INR 2.14 lakh crore during the same period a year before, it said.

UAE accounted for 80% of the country’s plain gold jewellery exports and 20% of the studded jewellery exports. The proposed zero duty would further boost exports to the UAE. As per estimates, the exports are likely to touch $10 billion by 2023.