India’s polished diamond exports up 19%, jewellery exports Up 9% in October

India’s polished diamond exports rose by 19.37% and gold jewellery exports (both studded and plain) were up by 8.72% during the month of October, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

Overall exports from the gem and jewellery sector for the month rose 9.05% to US$ 3.63 billion as compared to US$ 3.33 billion a year earlier, while total imports at US$ 1.80 billion showed a decline of 5.27% as compared to US$ 1.90 billion for the same month during the previous year.

Exports of cut and polished diamonds from India during the month stood at US$ 2.31 billion rising 19.37% over the US$ 1.93 bn exported in October 2017. Rough imports were up by 22.71% in value terms during the month to US$ 990.09 million as compared to US$ 806.84 million imported during the previous October. In volume terms, rough imports increased from 9.44 mn carats during October 2017 to 9.66 mn carats during October this year.

Imports of cut and polished diamonds were down by 33.12% to US$ 92.11 mn in October 2018 from US$ 137.73 mn a year earlier.

Exports of gold jewellery (both studded and plain) during the month rose by 8.72% to US$ 1,039.08 million from US$ 995.70 mn a year earlier. Exports of silver jewellery dropped to US$ 93.93 million in October 2018 as compared to US$ 282.61 million in the same month last year.

Coloured gemstone exports rose by 14.81% in October 2018 to US$ 23.57 million as compared to US$ 20.53 million exported during the same month a year earlier.

For the first seven months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 24.05 billion, a decline of 1.48% as compared to US$ 24.41 bn during the same period last year. Imports across the sector during the same period were down 6.93% from US$ 17.06 billion last year to US$ 15.88 billion this year.

Polished diamond exports during April-October 2018 were up 8.37% to US$ 14.99 bn as against the US$ 13.83 bn exported over the same months last year, while imports of polished diamonds fell by 35.90% to US$ 860.71 million as compared to US$ 1,342.70 million for the same period of previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 5.64% to US$ 9.41 bn from US$ 9.97 bn a year earlier. In volume terms, imports fell by 6.16% from 100.50 mn cts in April-October 2017 to 94.31 mn cts in the same period this year.

In April-October 2018, exports of gold jewellery (both plain and studded) rose to US$ 7.23 bn as against US$ 5.0 bn during the first seven months of the previous fiscal.

Exports of synthetic stones during April-October 2018 were US$ 124.09 mn, with synthetic diamonds (HS 71049010) accounting for US$ 121.48 mn as compared to US$ 117.78 mn during the comparative period a year earlier.

Exports of gold medallions & coins declined by 84.7% to US$ 258.31 million in the seven-month period, while silver jewellery exports dropped by 84.4% to US$ 416.28 million, and Coloured Gemstones exports were down by 0.89% at US$ 230.62 million in April-October 2018.