India’s Gold Jewellery Exports Witnessed Notable Decline

SEATTLE (Scrap Monster): The trade data published by the Gem and Jewellery Export Promotion Council (GJEPC) of India for the month of November this year suggests significant decline in the value of gold jewellery exports by the country. On the other hand, the country’s silver jewellery exports witnessed notable surge during the month.

The country exported $523.89 million (INR 3,888.01 Crores) worth of gold jewellery in November 2020. In rupee terms, the exports stood lower by approximately 50%. The decline in dollar terms was almost 52%. India’s gold jewellery exports had totalled $1,084.18 million (INR 7,750.23 Crores) in November last year.

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The cumulative exports during the first eight months from April ’20 to November 2020 of the current fiscal year totalled USD 2,472.62 million, which is down by nearly 71% when matched with the exports of USD 8,400.57 million during the corresponding eight-month period last fiscal.

Meantime, the silver jewellery exports increased significantly during the month of November this year. The monthly exports surged higher by nearly 50% from USD 128.91 million in November last year to USD 193.28 million in November 2020. Also, the year-to-date exports this fiscal were up by almost 61% when compared with the previous fiscal.