Gem and jewellery exports continued their downtrend and dipped six per cent last month to $3.34 billion against $3.56 billion logged in September 2018. In value terms, it was down seven per cent at ₹23,788 crore against ₹25,699 crore logged in September, 2018.

Colin Shah, Vice-Chairman, Gem and Jewellery Export Promotion Council, said the industry was not able to take advantage of the trade war between the US and China as it is facing several challenges including ambiguity in Special Economic Zone policy, customs issues on diamonds and GST rate on certification. In the first six months of this fiscal, gem and jewellery exports declined eight per cent to $19 billion against $20 billion in the same period last year. In rupee terms, it declined six per cent to ₹1.32 lakh crore (₹1.40 lakh crore) between April and September.

Cut and polished diamond (CPD) shipments plunged 18 per cent to $2 billion against $2.36 billion in September 2018. It was down 19 per cent to ₹13,875 crore (₹17,101 crore) in September. Between April and September CPD was down 19 per cent to $10 billion ($13 billion) while in rupee terms it dipped 17 per cent to ₹72,056 crore (₹87,068 crore). Interestingly, gold jewellery exports increased 13 per cent to $1 billion ($903 million) last month. However, in the last two quarters, it was down marginally by 0.67 per cent at $6.12 billion ($6.16 billion.

Following the rupee’s slide against the dollar, it increased 11 per cent to ₹7,266 crore (₹6,522 crore) in September. In last six months, gold jewellery exports were up two per cent at ₹42,855 crore (₹42,195 crore).