India’s Gross Exports of Gold Jewellery Posted Substantial Decline

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 decline in the value of overall gross exports of gems and jewellery exports by the country. On the other hand, the country’s silver jewellery exports witnessed significant surge during the month.

The country exported US$ 514.03 million (Rs. 3735.25 crores) worth of gross exports of gold jewellery in February 2021. In rupee terms, the exports stood lower by approximately 55%. The decline in dollar terms was a tad higher than 56%. India’s gold jewellery exports had totalled US$ 1171.55 million (Rs. 8380.54 crores) in February last year.

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The combined gross gold jewellery exports during the first ten months from April ’20 to February ‘21 of the current fiscal year totalled US$ 4068.89 million, which is down by approximately 64% when matched with the exports of US$ 11296.34 million during the corresponding ten-month period last fiscal.

The provisional gross silver jewellery exports during the first ten months from April ’20 to February ‘21 of the current fiscal year totalled US$ 2017.73 million, which is significantly higher by approximately 39% when matched with the exports of US$ 1450.53 million during the corresponding ten-month period last fiscal.