Gems & Jewellery Exports rise 11% during April-May
Indias gems and jewellery exports rose by over 11% to USD 6.78 billion during the first two months of the current fiscal, largely driven by demand in major markets like the US.
In April-May last year, the sectors exports aggregated to USD 6.1 billion, according to the data from Gems and Jewellery Export Promotion Council (GJEPC). The labour intensive gems and jewellery sector contribute about 14 per cent to the countrys overall exports.
The rise in shipments was mainly supported by exports of silver jewellery, and gold medallions and coins. Silver exports more than doubled to USD 1.51 billion during April-May 2017 from USD 674.14 million a year ago. Similarly, shipments of gold medallions and coins registered a growth of about 50 per cent to USD 1 billion during the period under review.
Exports of cut and polished diamonds, coloured gem stones and rough diamonds also reported positive growth. Indias main export destinations include Europe, Japan, China and the US. However, shipments of gold jewellery contracted 35.6 per cent to USD 542.15 million during April-May 2017.
According to the GJEPC data, imports of rough diamonds rose by about 6 per cent to USD 3.60 billion in April-May 2017. Imports of gold bars, however, dipped by about 67.28 per cent to USD 300.22 million. PTI RR JM.