Annual exports of G&J exports down by 28.46%; March 2021 shows marginal improvement

Gems and Jewellery exports drop by 28.46% in FY 20-21. Annual exports of cut and polished diamonds, gold jewellery, coloured gemstones all showed a steap decline, while silver and platinum showed marked improvement.

Exports of cut and polished diamonds declined by 12.3% from $18664.53mln in FY 19-20 to $16,401.301mln in FY20-21. Exports of coloured gemstones plumetted by 41.71% from $320.41mln in FY19-20 to $186.75mln in FY20-21, while exports of gold jewellery saw an all time low by 59.49% from $11,903.83 mln in FY 19-20 to $4,822.74 in FY 20-21. 

Lab-grown diamonds, platinum jewellery as well as silver showed marked improvement. Lab-grown diamonds exports increased by 67.22% from $421.09mln in FY 19-20 to $704.15 in FY 20-21. A surge in demand for lab-grown diamond jewellery in the U.S. can be attributed to the growth. 

Silver jewellery exports increased by 38.61% from $1,676.88mln in FY19-20 to $2,324.39mln in FY20-21 while platinum jewellery exports saw a steep climb from $10.36mln in FY19-20 to $18.06mln in FY20-21. 

Colin Shah, Chairman, GJEPC said, “FY 2020-2021 was an exceptional year, yet the industry has shown resilience, adapted to the new normal and strived towards attaining recovery in exports in the second half of the year.  Post witnessing a decline in the first three quarters, the Gems & Jewellery Exports have witnessed a remarkable growth of 12.73% in Q4. However, the year 2020-21 ends with a 28.46% decline in overall gross exports of Gems & Jewellery It’s an achievement for the Indian gems and Jewellery industry, considering the scale and the magnitude of the COVID-19 pandemic globally.”

 “While Rough import of Diamonds stabilised post opening up, the non-availability of duty free gold to jewellery manufacturers have sharply impacted the plain gold jewellery exports leading to a decline of around 60%. Improved International market Demands in the third quarter owing to a robust holiday season, stimulated manufacturing across all Gem & Jewellery product segments and overall gross exports.”

 “The impact of Covid could have been severe, but I sincerely acknowledge the proactive support extended by the Central and State Govt. provided through timely relief measures and policy reforms that eased the impact of Covid-19 on the industry. GJEPC’s virtual trade shows played a significant role in the recovery of exports in 2020-21. Virtual trade shows and e commerce will continue to be the business growth drivers in 2021-2022”

• Highlights:
  The overall gross exports of Gems & Jewellery declined by 28.46% to US$ 25.31 bn during April 2020 to March 2021 as compared to US$ 35.37 bn during the same period last year
• CPD exports April 2020 to March2021 (-) 12.13% to US$ 16401.30 mn from US$ 18664.53 mn registered during April 2019 to March 2020
• Gold Jewellery Exports April 2020 to March 2021 (-)59.49% to US $ 4822.74 mn from US$ 11903.83 mn April 2019 to March 2020.
• Silver Jewellery Exports April 2020 to March 2021 (+)38.61% to US$ 2324.39 mn from US$ 1676.88 mn April 19 to March 2020.
• Coloured Gemstone Exports April 2020 to March 2021 (-)41.71% to US$ 186.75 mn from US$ 320.41 mn April 19 to March 2020.
• Platinum jewellery exports saw a steep climb from $10.36mln in FY19-20 to $18.06mln in FY20-21