Gems, jewellery exports surge in April to 33% growth

27052013

Gems, jewellery exports surge in April after declining 3 percent in March, India’s gems and jewellery exports witnessed a robust growth of about 33 percent to USD 3.38 billion in April 2013.

In April 2012, these exports stood at USD 2.55 billion, according to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC).

“These exports saw a very healthy growth as demand is rising not only in American market, but also in emerging markets like China, Russia and Latin America,” GJEPC Executive Director Sabyasachi Ray said in New Delhi on Friday.

But, he said, the European market is still sluggish. The major markets for the country’s gems and jewellery exports include the US, the UAE, Hong Kong and Europe.

Among the categories which witnessed growth in April, silver jewellery topped the list with a robust growth of 469 percent, followed by coloured gemstones 218 percent, cut and polished diamonds 37 percent and gold medallions and coins 13.2 percent.

However, outward shipments of gold jewellery saw a decline of 13.8 percent.

During 2012-13, the gems and jewellery exports declined by 9.4 percent year-on-year to USD 39 billion due to weak demand in western markets.

The council feels that in 2013-14 these exports would grow between 10 percent and 15 percent compared to the last fiscal.

Gems and jewellery constitute 17 percent of India’s total exports and the sector employs 1.5 million people.