Mumbai: Exports of cut and polished diamonds from India stood at US$ 1.19 billion in November 2016, a drop of 10% as compared to the US$ 1.32 bn in the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). Exports of gold jewellery (both studded and plain) also slowed, declining by 35% to US$ 547.5 million during the same period as compared to US$ 844.67 mn a year earlier.
The industry was closed for the annual Diwali vacation for some part of the month, and business volumes were also impacted to an extent by the government’s decision in early November to withdraw high value Rs 500 and Rs 1000 notes from circulation.
Overall exports from the gem and jewellery sector during November 2016 stood at US$ 2.47 billion, a decline of 20.4% over the US$ 3.11 billion exported in the same month the previous year.
Rough imports during the month at US$ 1.19 billion were nearly double in value terms compared to US$ 624.9 million imported during the crisis period of the previous November. In volume terms, 8.55 mn carats of rough were imported during the month, significantly more than the imports of 6.43 mn carats during November ‘15.
Imports of cut and polished diamonds were up 12.5% to US$ 165.83 million in November 2016 from US$ 147.43 million a year earlier.
Exports of gold medallions and coins during the month also fell to US$ 319 million as against US$ 472.5 million a year earlier. Exports of silver jewellery were down to US$ 256.26 million in November 2016 as compared to US$ 370.69 million last year.
Coloured gemstone exports were down in November 2016 to US$ 24.44 million as compared to US$ 25.06 million exported a year earlier.
Overall exports from the gem and jewellery sector in India during the first eight months of fiscal 2017 stood at US$ 28.79 billion, a rise of 10.91 % as compared to the US$ 25.96 billion exported in the same period last year.
Exports of cut and polished diamonds for the April-November 2016 period were up 12.23% to US$ 15.41 billion as compared to US$ 13.73 billion a year earlier.
During the fiscal year to date, import of rough diamonds rose to US$ 11.29 bn, an increase of 30.51%. In volume terms, imports rose by 15% from 80.50 mn cts in April-November 2015 to 92.58 mn cts in April-November 2016.
Exports of gold jewellery (both studded and plain) rose 12.02% to US$ 6.09 billion during April-November 2016, as compared to exports of US$ 5.44 billion in the same period last year.
Exports of gold medallions & coins declined 5.37% to US$ 3.48 billion in the eight month period. Silver jewellery exports rose 16.37% to US$ 2.37 billion and Coloured Gemstones exports dropped 7.48% to US$ 265.06 mn in April-November 2016.
