Page 49 - Diamond Digest :: July - August 2021 Issue

Global News & Views.....
Gem & Jewellery Exports from SEZ and DTA
Months
January
February
March
January to March April
May
April to May
Source: GJEPC
2019 S E Z
2021
2019 DTA
2021
U S $ Million
U S $ Million
% Growth
U$ Million
U S $ Million
791.33
489.79
-38.11
2482.39
2183.99
748.80
545.97
-27.09
2945.65
2097.19
879.93
770.53
-12.43
2563.72
2654.41
2 4 2 0 . 0 6
1 8 0 6 . 2 9
- 2 5 . 3 6
7 9 9 1 . 7 6
6 9 3 5 . 5 9
778.09
634.11
-18.50
2111.98
2735.54
865.78
501.08
-42.12
2342.37
2397.16
1643.87
1135.19
-30.94
4454.35
5132.70
%Growth
-12.02 -28.80 3.54 -13.22 29.53 2.34 15.23
India’s overall gross exports of gems and jewellery in May 2021 declined 10% to US$2.89 billion (declined by 5% in Rupee term to Rs. 21188 Cr) as compared to US$3.20 billion (Rs. 22388 Cr) in May 2019.
India’s gem and jewellery exports in May 2021 slipped into negative territory due the severe disruption in manufacturing activity caused by the outbreak of the second Covid wave across the country. The mix of partial and complete lockdowns in different states led to limitations on workforce capacities and related manufacturing activities.
Cut and polished diamond (CPD) exports witnessed an increase of 21% to $4.26 billion (increased by 27% in Rupee term to Rs. 31229 Cr) in April-May,2021 in comparison to USD 3.5 billion (Rs. 24514 Cr) in April- May,2019, as manufacturers kept pace with strong retail demand in key export markets like the USA, China, and Europe, despite operating with limited labour and pandemic restrictions.
India’s total Jewellery exports (including plain and studded gold jewellery) declined by 42% to US$1.16 billion (declined by 39% in Rupee term to Rs. 8596 Cr) in April- May, 2021 to USD 2.00 billion (Rs. 14012 Cr.) in April- May, 2019.
Plain gold jewellery exports from India suffered from a lack of sales to tourists in major destinations such as Singapore,
Malaysia, and Dubai where some pandemic-related travel restrictions are still in place. In addition, the second Covid wave and subsequent lockdowns triggered yet another exodus of goldsmiths and artisans, who fled to their hometowns. As a result, Indian plain gold jewellery exports April-May 2021 declined 71% to US$434.11 million (declined by 69%in rupee term to Rs. 3211 Cr) from US$1.49 billion (Rs. 10404.50 Cr) in April-May,2019
By contrast, Studded gold jewellery witnessed a growth of 41% in April – May 2021 to US$730.04 million (grew by 49% in Rupee Term to Rs. 3985.46 Cr) from US$516.81 million (Rs. 1108.61 Cr) in April – May, 2019 owing to the reviving retail demand in key export markets like the USA, Hong Kong, etc.
The clear shift in consumer preferences towards silver jewellery post-pandemic led to India’s silver jewellery exports more than tripling in the April – May 2021 period, rising 239% to US$539.09 million (259.50% to Rs. 3985.46 Cr.) from US$158.79 million (Rs. 1108.61 Cr) in April - May 2019.
A drop in export orders and non-availability of rough coloured gemstones from major key sourcing partners like Brazil and Africa due to the restriction of activities amid Covid-19 led to a 38% decline in Indian coloured gemstone exports during April – May 2021 to US$37.90 million (declined by 31% in Rupee terms to Rs. 280.22 Cr) versus US$ 60.96 million (Rs. 425.51 Cr) in April-May, 2019.
489•DiiamoonnddDDigigeesstt••Julyly--Auugguusstt--22002211