Gems, jewellery exports up 10% in April to November period of FY17

"Pick up in demand in markets including the US and Europe are helping the exports to record growth," an official said. Image Source: Reuters

Exports of gems and jewellery grew by about 10% to $23.5 billion (nearly Rs 1,56,339.63 crore) during April-November period of the current fiscal, driven largely by rising demand in India's major export markets like the US and Europe.

In April-November period of 2015-16, exports from the sector stood at $21.5 billion (nearly Rs 1,43,034.13 crore), according to the data from Gems and Jewellery Export Promotion Council (GJEPC).

Gems and jewellery contribute about 14% to the country's overall exports.

The rise in April-November period was mainly supported by exports of cut and polished diamond. It rose to $15.4 billion (nearly Rs 1,02,452.4 crore) during April-November 2016-17 from $13.7 billion (nearly Rs 91,142.7 crore) a year ago.

Exports of silver jewellery too grew by 16.3% to $2.4 billion (nearly Rs 15,966.6 crore) during the eight-month period of current financial year.

"Pick up in demand in markets including the US and Europe are helping the exports to record growth," an official said.

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Continuous increase in the outbound shipments of this labour intensive sector would help the country's overall shipments to register a healthy growth rate.

Shipments of gold jewellery, however, contracted by 10.35% to $2.23 billion (nearly Rs 14,835.6 crore) during the period under review, from $2.5 billion (nearly Rs 16,631.9 crore) a year ago.

Exports of gold medallion and coins too dipped by 5.37% to $3.48 billion (nearly Rs 23,151.6 crore).

Further, according to GJEPC data, imports of rough diamonds grew by 30.5% to $11.3 billion (nearly Rs 75,176.1 crore) in April-November 2016.

Imports of gold bars too grew by 32% to $3.1 billion (nearly Rs 20,623.5 crore).

Since December 2014, exports fell for 18 consecutive months till May 2016. Shipments witnessed growth only in June this year, but again slipped in July and August.

Exports started recording positive growth from September.

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