India’s exports of gems and jewellery in the April-November 2018 period (the first eight months of the fiscal year) stood at $20.73 billion while total sector imports for the period were $17.71 billion. This is a 6.77 percent fall over the $22.24 billion in exports recorded during the same period in 2017 against total sector imports of $20.22 billion.
Net exports during the 2018 period, however, stood at $3.02 billion, up from the $2.02 billion recorded in 2017.
The import and export data published by the Gem & Jewellery Export Promotion Council (GJEPC) also showed returned consignments of cut and polished diamonds worth $5.65 billion during the period as against the $4.95 billion in consignment returns during the same period in 2017 — a jump of 14 percent.
While overall exports shrank, gold jewellery exports during the period of $8 billion — $6 billion from export zones and $2 billion from the domestic tariff area — were up an aggregate 52.84 percent from the nearly $6 billion — $3.72 billion from export zones and $2.24 billion from the domestic tariff area — recorded during the same period in 2017.
Silver jewellery exports during the period fell a precipitous 82.58 percent from $2.89 billion in April-November 2017 to just over $503 million in the same period in 2018. Similarly, gold medallion and coin exports fell 84.69 percent in a year-on-year comparison from $1.69 billion in 2017 to just over $258.34 million in 2018.
The drop in silver jewellery and gold medallion exports coupled with the sharp increase in cut and polished diamond export consignment returns dragged down the overall export performance of the sector during the period.