Mumbai: Overall exports of gems and jewellery from India during May 2015 declined by 6.9% as compared to a year ago, reflecting the myriad challenges being faced in global markets, as well as the currency fluctuations during this period. Total exports of gems and jewellery during the month of May 2015 stood at US$ 2,504.51 million as compared to US$ 2,690.12 million in May 2014.

Both the above factors impacted the two most important segments of the industry – diamonds and jewellery. Exports of cut and polished diamonds dipped by 9.34% to US$ 1,742.31 million in May 2015 as compared to US$ 1,921.75 million during May 2014. In volume terms, the decline was 9.75% with the centre exporting 2.59 mn carats in May this year as against 2.87 mn carats a year earlier.

Imports of cut and polished diamonds fell by 54% to US$ 195.48 million in May 2015 from US$ 425.27 million a year earlier.

Reflecting the slowdown in exports, imports of rough diamonds at US$ 1,322.62 million in May 2015 declined by 14.04% as compared to imports at US$ 1,538.73 million a year earlier. In volume terms, 11.11 mn carats of rough were imported during May 2015, a decline of 8.5%, compared with the imports of 12.14 mn carats during May 14.

Similarly, the export of gold jewellery (plain and studded) rose by 0.85% from US$ 474.61 million last year to US$ 478.85 million in May 2015.

Exports of silver jewellery rose by 15.98% in May 2015 to US$ 121.55 million as compared to US$ 104.80 million a year earlier.

The coloured gemstone segment saw decline of 16.38% in May this year with total exports registering US$ 27.16 million compared to US$ 32.48 million last year.