India's Gold Jewellery Exports Tumbled 24% in Jan

Mumbai: India’s gold jewellery exports dropped significantly by more than 24% year-on-year to $397.71 million (Rs. 2,707.58 Crore) in January 2017. Also, the country’s silver jewellery exports recorded marginal drop of nearly 4% to $ 253.60 million (Rs. 1,726.49 Crore). This is in accordance with the latest official monthly data released by the country’s Gem and Jewellery Export Promotion Council (GJEPC).

The country’s gold jewellery exports during the same month in 2016 had totaled $530.33 million (Rs. 3,566.49 Crore). The silver jewellery exports during January 2016 had amounted to $266.21 million (Rs. 1,790.23 Crore).

The cumulative gold jewellery exports during the initial ten-month period of the current fiscal were up significantly by 14.17% when matched with the previous year. The exports totaled $7,528.82 million (Rs. 50,538.09 Crore) during the ten months from Apr ’16 to Jan ’17 as compared with the exports of $6,801.79 million (Rs. 44,263.76 Crore) during the corresponding ten-month period during the previous fiscal year.

The silver jewellery exports surged higher considerably during the initial ten months of the current fiscal. The exports were up by nearly 24% to $2,937.92 million (Rs. 19,737.21 Crore) during Apr ’16 –Jan ‘17. India’s silver jewellery exports during April ‘15 to Jan ‘16 had totaled $2,456.49 million (Rs. 16,009.26 Crore).

According to GJEPC, country’s cut and polished diamond exports in January ’17 touched $1,617.27 million, recording modest jump over the previous year. The rise in rupee terms stood at around 4%. Also, the cumulative exports from Apr ’16 to Jan ‘17 too increased sharply by nearly 16% to $18,501.59 million.

The country’s exports of Coloured Gemstones recorded 13.32% jump, rising from $37.01 million during Jan ‘16 to $41.43 million during January this year. However, the combined exports during Apr ‘16-Jan ’17 recorded marginal decline from $339.74 million a year before to $326.33 million. Also, the exports of Pearls more than halved to $0.08 million in Jan ‘17 from $0.18 million a year ago. On the other hand, exports of Synthetic stones surged significantly from $2.79 million in January 2016 to $14.00 million in January this year.

India’s export of gold medallions & coins increased to $496.53 million (Rs. 3,380.41) during the month of January 2017. The exports during the same month a year before had totaled $454.96 million (Rs. 3,059.60 Crores). The export of Costume and Fashion Jewellery surged multifold from $1.51 million (Rs. 10.14 Crore) in January ’16 to $5.97 million (Rs. 40.64 Crore) during January this year. Meantime, export of Rough diamond from the country surged higher by almost 40% in January ‘17. The exports of Rough diamonds during the month totaled $147.85 million (Rs. 1,006.56 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports in January this year declined heavily when compared with the prior month. The exports of Colored gemstones recorded month-on-month increase. The export of gold medallions and coins increased sharply during January ‘17 when matched with the month before it. However, silver jewellery exports dropped in comparison with the prior month.