Friday, June 14, 2024

Gem & Jewellery Exports Continues Records A Growth of 27%

The gem and jewellery exports continue to be on an upward trajectory. The overall gross exports of Gems & Jewellery recorded a growth of 26.77% to Rs. 24881.52 Cr (18.11% in dollar terms to US$ 3367.53 million) in the month of July 2021 as compared to Rs. 19627.37 Cr. (US$ 2851.15 million) in July 2019 (pre- pandemic).

The overall gross exports of Gems & Jewellery witnessed a growth of 12.26% to Rs. 92147.17 Cr (6.04% in dollar terms to US$ 12.55 billion) during April 2021 to July 2021 as compared to Rs. 82083.05 Cr. (US$ 11.84 billion) during the same period in April to July 2019.
 
Colin Shah, Chairman, GJEPC said, “Exports growth is majorly attributed to the renewed consumer sentiments especially in USA with the recent announcement of Covid -19 Stimulus Package of US$ 1.9 trillion to speed up the United States’ recovery from the economic and health effects of the Covid-19 pandemic.”

“With the continued recovery in global markets, rise in disposable income of consumers, forthcoming festive season at domestic and international markets, we are expecting the exports to grow further in the coming months. We are optimistic that our flagship show, IIJS Premiere in September and IGJS in Dubai in October would further improve the sentiment in the global market.” adds Colin Shah.

Cut & Polished Diamond exports have registered a growth of 60.98% to Rs. 16648.71 Cr (50.50% in dollar terms to US$ 2260.48 mn) in July 2021 as compared to Rs. 10342.25 Cr. (US$ 1501.97 mn) in July 2019. Cut & Polished Diamond exports have recorded a growth 34.13% to Rs. 62390.23 Cr. (27.08% in dollar terms to US$ 8522.34 mn) during April 2021 to July 2021 as compared to Rs. 46515.91 Cr. (US$
6706.03 mn) during April to July 2019.

“Continued recovery in key export markets like USA, China and Hong Kong, restocking of inventory etc. have been the major reasons for the positive export growth of diamonds.” adds Colin Shah. Gold Jewellery Export is showing a decline of 25.99% to Rs. 5063.68 Cr. (decline of 31.45% in dollar terms to US$ 681.13 mn) in July 2021
as compared to Rs. 6841.85 Cr. (US$ 993.64 mn) in July 2019.

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