Mumbai: Contrary to the fears, the exports from gems and jewellery has increased 27.25% per cent at US$ 3.27 billion during the month of November as compared to the same period last year.

The increase was driven by a sharp increase in both exports of polished diamonds and jewellery as compared to the same month a year earlier, according to provisional data released by Gem and Jewellery Export Promotion Council (GJEPC).

The apex body of the gems and jewellery sector said the surge has quashed fears of a slowdown following government’s sudden demonetisation announcement of November 2016 coupled with the fact that Diwali festival — when cutting and polishing units are shut — was celebrated in November last year, but fell in October this year.

The export of cut and polished diamonds from India in November witnessed an increase of $1.78 billion from $1.19 billion last year, a jump of 49.9%. Also, rough diamond imports shot up by 63.6% in value terms during the month to $1.95 billion as compared to $1.19 billion imported during the previous November.

On the other hand, exports of gold jewellery (both studded and plain) during the month rose by 75.46% to $996.32 million from US $567.82 million a year earlier. Exports of silver jewellery dropped to $225.30 million in November 2017 as compared to $327.70 million in the same month last year.

However, there is a marginal increase in polished diamond exports during April-Nov 2017.

The exports were up 1.29 per cent to $15.60 billion as against $15.41 billion exported over the same months last year, while exports of gold jewellery (both plain and studded) dipped by 3.18 per cent to $6.01 billion as against $6.20 billion during the first eight months of the previous fiscal.