India’s Overall G&J Exports Remain Flat in FY 2015; Diamonds Down 5%, Jewellery up 18%

Apr 22, 2015

Overall exports from the gem and jewellery sector in India remained virtually flat during the financial year that ended on March 31, 2015, declining by a marginal 0.62%, while imports during the same period were only marginally up by 1.29%, reflecting the overall weakness in key markets in many parts of the world, according to figures released by GJEPC.

Gross exports from all sectors of the industry stood at US$ 39.90 billion during the period April 2014 to March 2015, down from US$ 40.15 billion in the comparable period a year earlier, while imports over the last 12 months rose to US$ 31.47 billion as against US$ 31.07 billion a year earlier.

In a statement, GJEPC also said that the industry was optimistic about the future as it had faced only a very marginal decline in performance despite tumultous global economic conditions such as the “downturn in China, the political and terrorist unrest in Middle East, declining European market and the suffering Russian Ruble, which had a direct and adverse impact on the G&J exports”. It attributed this relatively stable performance to positive initiatives taken by the Council over the year like organising IIJS and India Pavilions, business delegations, buyer-seller mneeets etc. GJEPC also said that the implementation of policies like the SNZ and turnover taxation etc would give the export industry a boost as soon as they are implemented.

In segmental terms, a decline was seen in the loose stone sectors with exports of cut and polished diamonds and coloured gemstones dipping by 5.5% and 29.8% respectively. On the other hand, the jewellery segments showed better growth, with gold jewellery and silver jewellery exports up by 17.8% and 39.3% respectively.

Imports of rough diamonds too were flat over the year rising by 0.15% to US$ 16.74 bn from US$ 16.72 bn a year ago in value terms and dropping by 9% to 147.34 mn carats. However, the decline in imports has been particularly strong over the last few months – in March 2015, for example, import of rough was down by over 30% against the comparable figures of the year earlier.

An overview of the sectoral performance is as follows

Cut & Polished Diamonds Exports – 34.54 mn carats were exported at a value of US$ 23.16 bn i.e. a dip of 5.64% in volume and 5.46% in value

Gold Jewellery (plain and studded) – At US$ 9.85 billion, exports were up 17.7%

Gold Medallions & Coins – This segment registered a decline of 7.58% with exports standing at US$ 2.84 bn

Silver Jewellery – Exports were up 39.3% to US$ 2.05 bn 

Coloured Gemstones – Exports declined by 29.8% to US$ 453.25 million.  

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