India’s gems, jewellery exports dip in Oct; overall momentum robust

NEW DELHI, INDIA: India's robust gems and jewellery exports in the half of the financial year 2022-23 have helped in maintaining growth for the April-October period, despite a sharp dip in exports in the month of October. The decline in exports in October or November is a seasonal trend consistent with previous years as manufacturing activities are either limited or units are closed because of the Diwali season, according to the Gem and Jewellery Export Promotion Council (GJEPC) - one of several export promotion councils. ‘Traditionally, a spike in exports is seen once again post the Diwali holiday period.’ During April-October 2022, the overall gross exports of gems and jewellery witnessed a growth of 7.90% to more than Rs 1.88 trillion (1.21% in US dollar terms to $23,814.0 million) as compared to more than Rs 1.74 trillion ($4041.60 million) for the same period last year. Coming to October 2022, the exports saw a decline of 14.64% to more than Rs 258.43 billion (declined 22.44% in dollar terms to $3,134.85 million) as compared to more than Rs 302.74 billion ($4,041.60 million) for the same period last year, the export promotion council GJEPC said in a statement. "We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of gems and jewellery units, and absence of workers during Diwali usually results in a decline in exports post-Diwali," said Vipul Shah, Chairman of GJEPC, in the statement. Shah believes the upcoming holiday season in the West and the Chinese New Year will give a boost to the exports in November and December and is confident that the industry is on course to achieve the export target of $45.7 billion for the year 2022-23. "The positive impact of the India-UAE CEPA was offset by gold supply hurdles which impacted exporters. The Council has sensitised the government regarding this issue and they are working on resolving the same," Shah added. Further, for the April-October 2022 period, the overall gross exports of cut and polished diamonds grew 0.65% to more than Rs 1.14 trillion (fell 5.54% in dollar terms to $14,106.67 million) as compared to more than Rs 1.10 trillion (Rs 14,933.40 million) for the same period last year. The provisional gross export of total gold jewellery (plain and studded) increased 16.96% to more than Rs 461.90 billion (9.64% in dollar terms to $5,839.32 million) as compared to more than Rs 394.92 billion ($5,325.79 million) for the same period last year. By RSS/ANI READ ALSO:

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