Page 48 - Diamond Digest :: July - August 2021 Issue

Global News & Views.....
India’s Gem & Jewellery Exports Rise by 9% to Rs.
46414.38 Cr in April-May 2021 versus April-May 2019
• Studded gold jewellery witnessed a growth of 41% in April - May 2021 to US$730.04 million (grew by 49% in Rupee terms to Rs. 3985.46 Cr) from US$516.81 million (Rs. 1108.61 Cr) in April – May,2019
• Cut and polished diamond (CPD) exports witnessed an increase of 21% to $4.26 billion (increased by 27% in Rupee terms to Rs. 31229 Cr) in April-May,2021 in comparison to USD 3.5 billion (Rs. 24514 Cr) in April-May,2019
• Plain gold jewellery exports in April-May 2021 declined 71% to US$434.11 million (declined by 69% in Rupee terms to Rs. 3211 Cr) from US$1.49 billion (Rs. 10404.50 Cr) in April-May,2019
In the first two months of Fiscal Year 2021-22 (April-May 2021), the overall gross exports of gems and jewellery grew 4% to US$6.31 billion (and grew by 9% in Rupee term to Rs. 46414.38 Cr) compared to US$6.10 billion (Rs. 42571 Cr) during the same period of pre pandemic year 2019.
Colin Shah, Chairman, GJEPC, said, “The revival of exports has happened due to the opening of international markets,
resurgent demand and strong unstinted support from the Government of India on various issues. Some of the pro- industry announcements include the reduction in import duties on various rough gem and jewellery commodities viz. gold bars, silver bars, palladium, gold and silver findings etc., the revamped Gold Monetisation Scheme and extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months.”
Gem & Jewellery Exports: Jan-May 2021 as compared to Jan-May 2019 (pre-covid levels)
Months
January February March
Jan to March April
May
April to May
Source: GJEPC
2019
Total US$ Million
2021 US$ Million
% Growth 2021/2019
-18.33 -28.46 -0.54 -16.04 18.33 -9.66 3.61
3273.72
2673.78
3694.45
2643.16
3443.64
3424.94
1 0 4 1 1 . 8 2
8 7 4 1 . 8 8
2890.07
3419.85
3208.15
2898.25
Colin Shah added, “we are hopeful that with the support provided by the Government and GJEPC’s continued efforts by way of organising various trade shows and resolving day-to-day challenges of trade members, exports would bounce back in the coming months. Furthermore, GJEPC is organising one of its key trade shows in the month of
August 2021 in Dubai which would further enhance morale of the Indian manufactures and traders and boost their export business.”
India’s April-May 2021 export growth was driven mainly by the Domestic Tariff Area (DTA), which witnessed a 15% growth in exports compared with the 31% decline in exports recorded from Special Economic Zones (SEZs).
6098.22
6318.10
47 • Diamond Digest • July - August - 2021
48 • Diamond Digest • July - August - 2021