India’s Polished Diamond Exports Up 20% in August
India’s polished diamond exports rose by 19.97% during the month of August 2018 as compared to a year earlier, while overall exports from the gem and jewellery sector grew significantly by 21.79% 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$ 3,199.93 million as compared to US$ 2,627.44 million a year earlier, while total imports at US$ 1,581.36 million declined by 8.07% as compared to US$ 1,720.25 million for the same period during the previous year.
Exports of cut and polished diamonds from India during the month rose to US$ 2.18 billion from US$ 1.82 bn in August 2017, an increase of 19.97% y-o-y. Rough imports dipped by 7.77% in value terms during the month to US$ 899.58 million as compared to US$ 975.35 million imported during the previous August. In volume terms, rough imports declined from 9.09 mn carats during August 2017 to 7.76 mn carats during August this year.
Imports of cut and polished diamonds were down by 14.13% to US$ 123.85 mn in August 2018 from US$ 144.23 mn a year earlier.
Exports of gold jewellery (both studded and plain) during the month rose significantly to US$ 786.77 million from US$ 580.90 mn a year earlier. Exports of silver jewellery dropped to US$ 67.32 million in August 2018 as compared to US$ 93.45 million in the same month last year.
Coloured gemstone exports rose slightly in August 2018 to US$ 29.95 million as compared to US$ 26.08 million exported during the same month a year earlier.
For the first five months of the fiscal year 2018-19, overall gem and jewellery exports now stand at US$ 16.67 billion, a growth of 1.85% as compared to US$ 16.37 bn during the same period last year.
Polished diamond exports during April-August 2018 were up 11.56% to US$ 10.31 bn as against the US$ 9.24 bn exported over the same months last year, while imports of polished diamonds fell by 41.24% to US$ 605.63 million as compared to US$ 1030.68 million for the same period of previous year.
During the fiscal year to date, import of rough diamonds showed a decline of 6.92% to US$ 7.16 bn from US$ 7.69 bn a year earlier. In volume terms, imports fell by 8.99% from 75.33 mn cts in April-August 2017 to 66.24 mn cts in the same period this year.
In April-August 2018, exports of gold jewellery (both plain and studded) rose to US$ 5.12 bn as against US$ 2.70 bn during the first five months of the previous fiscal.
Exports of synthetic stones during April-August 2018 were US$ 79.87 mn, with synthetic diamonds (HS 71049010) accounting for around US$ 78.05 mn (as compared to US$ 78.78 mn during the comparative period a year earlier).
Exports of gold medallions & coins declined by 87% to US$ 201.75 million in the five-month period, while silver jewellery exports dropped by 88% to US$ 239.14 million, and Coloured Gemstones exports were down by 4.87% at US$ 146.12 million in April-August 2018.