Gems, jewellery exports up 11.7% in Q1 FY 2017
The Dollar Business Bureau
The exports of gems and jewellery from India have increased 11.7% at $11.4 billion during the first quarter (Q1) of this financial year, against $10.21 billion in the same quarter last fiscal, as per the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).
The gems and jewellery sector contributes more than 14% to the overall exports from India. The growth in exports is mainly led by the demand in the country's major markets such as the US. This is supported by the increase in the exports of cut and polished diamonds to $7.25 billion during the review period against $6.89 billion in the same period last year.
Silver jewellery exports have also surged by 51% at $1.3 billion during Q1 of FY 2017. According to an official, the demand for Indian jewellery is slowly increasing in international markets. The global demand from countries like US is helping the gems and jewellery sector in achieving a double-digit growth in outward shipments.
However, gold jewellery exports from India have reduced 25.13% at $1 billion in Q1 of FY 2017, when compared to $1.36 billion in the same quarter a year ago. The shipments of gold medallion and coins have also declined by 9.51% to $1.48 billion during the period under review, the GJEPC data revealed.
According to it, the imports of rough diamonds improved by 13.27% to $6 billion, while the inward shipments of gold bars increased by 40% to $1.72 billion in Q1 of FY 2017. Gold imports have come down over 50% to $1.08 billion in the month of August.