Exports of gems and jewellery grew by about 10 per cent to US $23.5 billion during April-November period of the current fiscal, driven largely by rising demand in India’s major export markets like the US and Europe.
According to a PTI report: In April-November period of 2015-16, exports from the sector stood at US $21.5 billion, according to the data from Gems and Jewellery Export Promotion Council (GJEPC).
Gems and jewellery contribute about 14 per cent 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 US $15.4 billion during April-November 2016-17 from US $13.7 billion a year ago.
Exports of silver jewellery too grew by 16.3 per cent to US $2.4 billion 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 was quoted by PTI as saying.
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 per cent to US $2.23 billion during the period under review, from US $2.5 billion a year ago.
Exports of gold medallion and coins too dipped by 5.37 per cent to US $3.48 billion.
Further, according to GJEPC data, imports of rough diamonds grew by 30.5 per cent to US $11.3 billion in April-November 2016.
Imports of gold bars too grew by 32 per cent to US $3.1 billion.
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.