India’s gem and jewellery exports drop 6.9% in May

May 2015 delivered a 6.9 percent drop in India’s overall gem and jewellery exports, valuing the exports at US$ 2,504.51 million from US$ 2,690.12 million in May 2014, reports say. During the month, cut and polished diamond exports fell by 9.34 percent to US$ 1,742.31 million (US$ 1,921.75 million in May 2014). The export volume of the said diamonds decreased 9.75 percent to 2.59 million carats (2.87 million carats in May 2014), reports say. Imports of cut and polished diamonds also dropped, diving 54 percent to US$ 195.48 million from US$ 425.27 million in May 2014.

Rough diamond imports in stood at US$ 1,322.62 million dropping 14.04 percent on y-o-y basis, and fell 8.5 percent in volume to 11.11 million carats, on y-o-y basis, reports say. The drop in the country’s overall gem and jewellery exports was attributed to the changes in global markets, and currency fluctuations.

Gold jewellery (plain and studded) exports showed a marginal rise of 0.85 percent to US$ 478.85 million. Silver jewellery exports increased 15.98 percent on y-o-y basis to US$ 121.55 million, as per reports. Exports of coloured gemstone decreased 16.38 percent to US$ 27.16 million, as per reports.