India’s Gold Jewellery Exports Up Drastically in March This Year

NEW DELHI (Scrap Monster): Gems and Jewellery Export Promotion Council (GJEPC)-the apex trading body in India has released the latest monthly export data for gems and jewellery. The GJEPC data suggests considerable surge in gold jewellery exports during March 2018. On the other hand, Silver jewellery exports plunged heavily over the previous year.

According to trade data, India exported $976.43 million worth of gold jewellery in March this year. This is notably higher by over 48% when compared with the previous year. Incidentally, the country's gold bar imports had surged higher by one-third in FY 18. The country’s gold jewellery exports had totaled $660.63 million in March last year. Meanwhile, silver jewellery exports tumbled by nearly 92% from $662.24 million in March last year to $51.78 million in March 2018. In rupee terms the gold jewellery exports reported year-on-year growth of nearly 46%. The silver jewellery exports were down nearly 92% in rupee terms.

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The GJEPC data also suggests huge decline in exports of gold medallions and coins. The exports in March this year totaled $71.27 million, as compared with the exports of $645.64 million recorded during March last year. The exports during the full fiscal year too tumbled by nearly 64%. The country’s exports of costume and fashion jewellery edged higher marginally to $6.94 million in Mar ’18, upon comparison with $6.15 million in the same month a year before. The exports dropped marginally during the previous fiscal year.

The cumulative exports of gold jewellery during the full fiscal year from April 2017 to March 2018 have recorded a jump of 10.91%. The exports during the full fiscal year totaled $9,673.23 million as against the exports of $8,721.88 million during Apr ’16- Mar ’17. In rupee terms, the exports increased by 6.71% over the previous year. Meantime, the combined exports of silver jewellery during the previous fiscal year have declined sharply by 15.8% from $4,021.03 million to $3,385.65 million.