Since February this year exports of polished diamonds have been on a steady rise. All over as well, the gem and jewellery exports continue to be on an upward trajectory. The overall gross exports of Gems & Jewellery recorded a growth of 26.77% to Rs. 24881.52 Cr (18.11% in dollar terms to US$ 3367.53 million) in the month of July 2021 as compared to Rs. 19627.37 Cr. (US$ 2851.15 million) in July 2019 (pre-pandemic).
The overall gross exports of Gems & Jewellery witnessed a growth of 12.26% to Rs. 92147.17 Cr (6.04% in dollar terms to US$ 12.55 billion) during April 2021 to July 2021 as compared to Rs. 82083.05 Cr. (US$ 11.84 billion) during the same period in April to July 2019.
Colin Shah, Chairman, GJEPC said, “Exports growth is majorly attributed to the renewed consumer sentiments especially in USA with the recent announcement of Covid -19 Stimulus Package of US$ 1.9 trillion to speed up the United States’ recovery from the economic and health effects of the Covid-19 pandemic.”
“With the continued recovery in global markets, rise in disposable income of consumers, forthcoming festive season at domestic and international markets, we are expecting the exports to grow further in the coming months. We are optimistic that our flagship show, IIJS Premiere in September and IGJS in Dubai in October would further improve the sentiment in the global market.” adds Colin Shah.
Cut & Polished Diamond exports have recorded a growth 34.13% to Rs. 62390.23 Cr. (27.08% in dollar terms to US$ 8522.34 mn) during April 2021 to July 2021 as compared to Rs. 46515.91 Cr. (US$ 6706.03 mn) during April to July 2019.
“Continued recovery in key export markets like USA, China and Hong Kong, restocking of inventory etc. have been the major reasons for the positive export growth of diamonds.” adds Colin Shah.
The opening of the markets in the USA, China and Europe and together pushed these numbers higher. Says Vipul Sutariya, Director, Dharmanandan Diamonds Pvt Ltd, “Ever since the markets have opened in the USA and China, people on a buying spree – so much so that retailers in these countries are stocking up on inventory anticipating a further rise in demand. The stimulus handout in the USA and lack of luxury spending options could also have propelled the demand. Diamond exporters in India are on a roll and work is hectic.”
Cut & Polished Diamond exports have registered a growth of 60.98% to Rs. 16648.71 Cr (50.50% in dollar terms to US$ 2260.48 mn) in July 2021 as compared to Rs. 10342.25 Cr. (US$ 1501.97 mn) in July 2019.
Says Ashish Doshi, Director, Oopal Diamond, “The major chunk of export growth is coming in from Europe and US markets. These places have opened faster and people residing in these countries have considerably higher disposable income, which is a result staying at home for over and year or so and they want to buy diamonds of the money that they have saved up. It is a great time for Indian exporters who are making the most of the increasing demand.”