India’s gems and jewellery exports grew 19.64 per cent to USD 2.5 billion in November compared to the same month last year, according to the Gem and Jewellery Export Promotion Council (GJEPC).

Total exports stood at USD 2.1 billion during the corresponding month of the previous year, according to GJEPC data.

The overall exports of gems and jewellery were flat at USD 18.86 billion during April-November period as compared to USD 18.85 billion in the same period of last year.

The overall gross export of Cut & Polished diamonds was at USD 919.74 million in November as compared to USD 666.34 million in the same period of the previous year.

Provisional gross export of Polished Lab Grown Diamonds witnessed a 10.55 per cent rise in November at USD 76.09 million over USD 68.83 million a year ago.

Meanwhile, volatile prices affected gold jewellery exports which were flat at USD 1.21 billion in November against USD 1.23 billion a year ago.

Studded gold jewellery shipments surged to USD 828.89 million last month from USD 555.39 million a year ago due to high demand for job works. Exports of silver jewellery surged to USD 197.97 million from USD 63.99 million.

“Markets are stabilising and demand in many export markets is picking up including Hong Kong, China and the Middle East. Even as the performance in the US is slow, robust demand in other markets is adding on to the growth. Exports of gold studded jewellery surged as job work demand has gone up in India,” GJEPC chairman Kirit Bhansali told PTI.

Silver exports had suffered in the previous months due to shortage of the bullion, however, with the supply chain restored the shipments surged, he added.

Courtesy: Daily Excelsior