Mumbai: India’s Gems and jewellery (G&J) exports in March declined 38.81% to Rs 13,744.60 crore compared due to weak demand in importing countries following economic slowdown and the COVID-19 pandemic.
The overall exports stood at Rs 22,463.17 crore during March 2019, according to data from the Gem and Jewellery Export Promotion Council (GJEPC).
The total gems and jewellery exports during 2019-20, witnessed 8.91% at Rs 2,51,096.30 crore compared to Rs 2,75,671.80 crore in 2018-19.
“The performance numbers reflect the weak demand for gems and jewellery across the globe and the COVID-19 pandemic has cast further gloom,” GJEPC Vice-Chairman Mr. Colin Shah told PTI here.
Given the potential, the industry needs urgent government attention and a special package to handhold exporters in these difficult times besides reviving sentiments, he added.
Meanwhile, the exports of cut and polished diamonds (CPD) in March dipped by 45% in March to Rs 7,100.75 crore compared to Rs 12,910.44 crore in the corresponding month of 2019.
The CPD exports from April 2019 to March 2020 showed a decline of 20.75% to Rs 1,31,980.87 crore from Rs 1,66,532.07 crore registered during 2018-19.
Gold jewellery exports in March also slipped by 40.07 per cent to Rs 4,152.39 crore from Rs 6,929.11 crore in March 2019.
However, during 2019-20, the gold jewellery exports showed a growth of 3.57 per cent to Rs 84,747.08 crore from Rs 81,824.57 crore in 2018-19.
Silver jewellery exports during April 2019 to March 2020 also witnessed 105.60 per cent growth to Rs 12,018.09 crore from Rs 5,845.37 crore during 2018-19.
The coloured gemstone exports during 2019-20 declined by 18.18 per cent to Rs 2,272.44 crore from Rs 2,777.24 crore during last financial year.
Meanwhile, the overall imports during 2019-20 showed a decline of 5.74 per cent to USD 24.01 billion from USD 25.48 billion registered during the financial year 2018-19.
The overall gross import of rough diamonds during the April 2019-March 2020 period also witnessed a decline of 16.25 per cent to USD 12.68 billion from USD 15.14 billion registered during 2018-19.
However, the overall gross import of CPD 2019-20 grew by 29.12 per cent to USD 1,712.54 million from USD 1,326.29 million registered during April 2018 to March 2019.
