India’s Gold, Silver Jewellery Exports Surged in October

NEW DELHI (Scrap Monster): The exports of gold jewellery from India grew significantly during the month of October this year. The latest monthly trade statistics published by the country’s apex body Gems and Jewellery Export Promotion Council (GJEPC) also suggests huge jump in silver jewellery exports by the country.

In accordance with the GJEPC data, India exported $900.73 Million worth of gold jewellery in October this year, as compared with the exports of $796.60 Million during the same month a year before. Over the previous year, the exports surged higher by 13%. Meanwhile, silver jewellery exports skyrocketed by around 47% from $190.58 Million in October last year to $279.32 Million in October ’17. In rupee terms the gold and silver jewellery exports reported year-on-year jump of 10.24% and 42.90% respectively.

The country’s gold jewellery exports during the first seven months from April ’17 to October ‘17 of the current fiscal have declined sharply by over 11%. The cumulative exports during the period from April to October this fiscal amounted to $4,949.45 Million, considerably down by 11.32% upon comparison with the corresponding seven-month period during the previous fiscal. The country’s gold jewellery exports had totaled $5,581.54 Million during April to October in 2016.

The cumulative exports of Silver jewellery by the country during Apr-October ’17 were up by nearly 26%, mainly aided by the significant increase in exports during the recent quarter. The combined exports during the first seven months of the fiscal year totaled $2,664.23 Million as against 2,108.23 Million a year before.

According to GJEPC data, the Indian exports of cut and polished diamonds declined sharply during the month. The exports dropped significantly by 23% from $2,519.55 Million in October 2016 to $1,931.64 Million in October this year. The cumulative exports during the opening seven months of the current fiscal were down marginally by nearly 3% year-on-year in dollar terms.

India's export of gold medallions & coins dropped to Nil during October 2017. The exports during the same month a year before had totaled $513.62 Million. The exports during Apr-October ’17 too dropped sharply by over 47% year-on-year from $3,138.79 Million in Apr-Oct ’16 to $1,658.89 during April to October in 2017.

The country’s exports of Pearls surged higher from $0.16 Million in October ’16 to $0.29 Million in October this year. The exports of Synthetic stones increased significantly from $13.88 Million to $18.62 Million year-on-year. The exports of Costume & Fashion Jewellery almost halved, edging lower from $2.29 Million to $1.27 Million in October this year. The export of Rough diamond from the country has declined by nearly one-third in October this year. The exports during the month totaled $69.75 Million.