Gems and jewellery exports grows to record Rs. 24,239.81 crore in Aug

The Gem and Jewellery Export Promotion Council (GJEPC) announced that gem and jewellery exports hit a new high of Rs. 24,239.81 crore (US$ 3.26 billion) in August, thanks to robust demand for the upcoming festive season and the easing of entry restrictions.

According to GJEPC data, total gems and jewellery exports in August 2020 were Rs. 13,160.24 crore (US$ 1.77 billion), whereas total shipments in August 2019 were Rs. 20,793.80 crore (US$ 2.80 billion).

Due to border closures and other Covid-19-related delays, the year 2020 was almost a washout for exports.

“So far, 2021-22 has shown signs of improvement. India's gem and jewellery exports will continue to increase in the near future, thanks to the progressive opening of markets, the elimination of entry barriers, and the upcoming festive season” GJEPC Chairman Mr. Colin Shah said in a statement.

Cut and Polished Diamond exports, meanwhile, increased by 29.37% to Rs. 15,083.33 crore (US$ 2.03 billion) in August 2021, up from Rs. 11,659.46 crore (US$ 1.57 billion) in August 2019.

“Strong demand in the United States, China, and numerous European nations, as well as continuing consumer interest in diamond jewellery, are some of the drivers driving cut and polished diamond export growth,” Mr. Shah added.

Gold jewellery exports fell 15.06% to Rs. 5,756.54 crore (US$ 775.87 million) in August 2021, compared to Rs. 6,777.50 crore in August 2019 (US$ 913.48 million), according to the GJEPC.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.