India’s Gem & Jewellery Export Promotion Council (GJEPC), said in a press release that it expects exports of gems and jewellery to the US to be “encouraging” over the Christmas season. It cited rising GDP growth, employment and private consumption expenditure in the US as reasons for its optimism.
The GJEPC said its view was underscored by the 22.1 percent year-on-year rise in polished diamond exports to the US over the April-October 2018 period to $5.43 billion from the $4.45 billion during the same period in 2017.
In addition to this, the GJEPC said, exports of gold jewellery to the US also witnessed an impressive growth of 13.13 percent year-on-year from $867.87 million during April-October 2017 to $981.85 million this year.
The GJEPC said it expects gem and jewellery exports from India to grow further over the holiday season, noting several factors:
- US jewellery demand in the first three quarters of 2018 has grown 5 percent in a year-on-year comparison to around 80.3 tonnes from the 76.7 tonnes in 2017.
- Overall imports of cut and polished diamonds jumped 14.12 percent from $16.26 billion in 2017 to $18.55 billion this year. India is a major supplier of polished diamonds to the US market and exports to the US grew an impressive 17.6 percent over the first three quarters of this year to $7.71 billion from the $6.56 billion in the same period last year.
- US economic growth has been between 3 and 4 percent over the first three quarters of this year as against the 1 to 2 percent last year. This translated into enhanced purchasing power for the US consumer.