India’s Gold Jewellery Exports Witnessed Notable Surge

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

The country exported $1,204.08 Million (INR 8,613.26 Crores) worth of gold jewellery in February 2020. In rupee terms, the exports stood higher by more than 31%. The hike in dollar terms was 30.83%. India’s gold jewellery exports had totalled only $920.35 Million (INR 6,554.71 Crores) in February 2019.

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The combined exports during the first seven months from April ’19 to February 2020 in the fiscal year ending March 31, 2020 totalled USD 11,412.25 Million, which is higher by nearly 6.50% when matched with the imports of USD 10,720.06 Million during the corresponding eleven-month period last fiscal.

Meantime, the silver jewellery exports increased significantly during the month of February this year. The monthly exports surged higher by nearly 203% from USD 78.02 Million in February last year to USD 236.15 Million in February 2020. Also, the year-to-date exports this fiscal were up by almost 915 when compared with the previous fiscal.