Jun 14, 2018

India’s Polished Diamond Exports Up 8% in May

India’spolished diamond exports rose by 8.2% during the month of May 2018 as compared to a year earlier, though overall exports from the gem and jewellery sector declined by 7.56% in the same period, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

Total gem and jewellery exports for the month stood at US$ 3,661.55 million as compared to US$ 3,960.97 million a year earlier, registering a drop of 7.56%, while total importsat US$ 2,556.34 million were down 7.11% as compared to US$ 2,751.86 million for the same period during the previous year.

Exports of cut and polished diamonds from India during the month rose to US$ 2.21billion from US$ 2.05 bn in May 2017, a jump of 8.2% y-o-y. Rough imports were down by 16.9% in value terms during the month to US$ 1.55 bn as compared to US$ 1.86 bn imported during the previous May. In volume terms, rough imports declined from 18.1mn carats during May 2017 to 16.9mn carats during May this year.

Imports of cut and polished diamonds were down by 61.9% to US$ US$ 93.08 mn in May 2018 from US$ 244.5mn a year earlier.

Exports of gold jewellery (both studded and plain) during the month rose significantly to US$ 1,164million from US$ 523.26mn a year earlier. Exports of silver jewellery dropped to US$ 43.17 million in May 2018 as compared to US$ 746.6 million in the same month last year.

Coloured gemstone exports rose in May 2018 to US$ 36.19 million as compared to US$ 30.19 million exported during the same month a year earlier.

For the first two months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 6.80 billion, a decline of 13% as compared to US$ 7.81 bn during the same period last year.

Polished diamond exports during April-May 2018 were up 10.89% to US$ 4.21 bn as against the US$ 3.80 bn exported over the same months last year, while imports of polished diamonds fell by 51.7% to US$ 207.45 million as compared to US$ 429.42 million for the same period of previous year.

During the fiscal year to date, import of rough diamonds showed a decline of 15.01% to US$ 3.07 bn from US$ 3.61 bn a year earlier. In volume terms, imports fell by 7.69% from 32.33mncts in April-May 2018 to 35.02 mncts in the same period this year.

In April-May 2018, exports of gold jewellery (both plain and studded) rose to US$ 2.08 bnas against US$ 1.13 bn during the first two months of the previous fiscal.

Exports of synthetic stones during April-May 2018were US$ 34.58mn, with synthetic diamonds (HS 71049010) accounting for around US$ 33.82mn (as compared to US$ 23.23mn during the comparative period a year earlier).

Exports of gold medallions & coins declined by 88% to US$ 121.1 million in the two-month period, while silver jewellery exports dropped by 95% to US$ 77.83million, and Coloured Gemstones exports were up by 1.50% at US$ 56.66 million in April-May 2018.