Mumbai: India’s gross exports of gems and jewellery dipped by 10.19% during the fiscal year that ended on March 31, 2020 declining to US$ 35.53 billion as compared to US$ 39.56 billion in the same period of the previous year, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).
Imports across the sector during fiscal 2020 were down 5.77% from US$ 25.49 billion last year to US$ 24.02 billion this year.
The industry faced challenging times during the 12-month period due to variety of factors, both internal and external, with the cut and polished diamond segment being the worst hit. In addition to the slowdown in demand in the largest jewellery markets, the US and China, and the disruption as a result of prolonged political protests in Hong Kong, which led to an inventory build up in the manufacturing segment, the industry was further impacted by the Coivd-19 pandemic, especially during the last 2-3 months of the fiscal.
The export of cut and polished diamonds dipped significantly below last year’s levels as a result at US$ 18.66 billion in FY2019-20, down 21.64% from the US$ 23.81 billion exported during FY2018-19, though the exports of gold jewellery (both plain and studded) remained relatively flat at US$ 11.99 billion (FY2018-19: US$ 11.78 bn).
Exports in the month of March slumped badly due to initial travel restrictions and the subsequent lockdowns in most countries across the globe, with total exports of gems and jewellery dropping by 43.62% to US$ 1.9 bn (2018-19: US$ 3.16 bn).
During the month of March 2020, cut and polished diamond exports totalled US$ 960.49 million (March 2019: US$ 1,858.33 mn) and gold jewellery (plain and studded) exports stood at US$ 580.33 million as against US$ 1,061.14 million in the same month a year earlier, the data indicated.
Rough imports during the month plummeted, dropping by 64.81% to US$ 292.71 million as compared to US$ 831.69 million imported during the previous March.
Imports of cut and polished diamonds rose to US$ 239.10 mn in March 2020 from US$ 108.94 mn in the same month a year earlier.
Exports of rough diamonds totalled US$ 72.94 million in March 2020 as compared to US$ 196.61 mn a year earlier.
Exports of polished lab-grown diamonds stood at US$ 20.18 mn during the month as against US$ 24.83 mn a year earlier.
Imports of rough lab grown diamonds stood at US$ 5.43 mn during the month as against US$ 12.11 mn a year ago, while imports of polished lab grown diamonds declined to US$ 5.55 mn in March 2020 as compared to US$ 7.19 mn a year earlier.
Exports of silver jewellery rose to US$ 227.33 million in March 2020 as compared to US$ 67.37 million in the same month last year.
Coloured gemstone exports fell to US$ 13.58 million in March 2020 as compared to US$ 27.04 million exported during the same month a year earlier.
During fiscal 2020, imports of polished diamonds rose by 29.02% to US$ 1.71 billion as compared to US$ 1.33 billion during the previous financial year.
Import of rough diamonds during the year showed a decline of 16.25% to US$ 12.68 bn from US$ 15.14 bn in the earlier year.
Exports of rough diamonds totalled US$ 1.10 billion in April ’19 – March ’20 as compared to US$ 1.35 bn a year earlier. Meanwhile, exports of rough lab grown diamonds stood at US$ 7.35 mn in the same period as against US$ 16.52 mn in the earlier year. Exports of polished lab-grown diamonds stood at US$ 413.39 mn during the April ’19 – March ’20 period as against US$ 220.27 mn a year earlier.
Imports of rough lab grown diamonds stood at US$ 324.04 mn in fiscal 2020, up from imports of US$ 135.77 mn the earlier year, while imports of polished lab grown diamonds rose to US$ 98.07 mn in April ’19 – March ’20 as compared to US$ 93.07 mn in the earlier year.
Exports of silver jewellery rose steeply to US$ 1,686.72 million from US$ 832.07 mn the year before, and Coloured Gemstones exports dropped to US$ 320.82 million in April ’19 – March ’20 as compared to exports of US$ 396.28 mn in the earlier fiscal.
