India’s gems and jewellery exports dips 20.4% in November

In the wake of the current demonetization that India is currently undergoing, its gem and jewellery exports in November 2016 dropped 20.4 percent on y-o-y basis to US$ 2.47 billion, as per reports. The said exports were worth US$ 3.11 billion exported in November 2015.

India’s exports of cut and polished diamonds slipped 10 percent to US$ 1.19 billion (November 2015: US$ 1.32 billion), as per reports.

Gold jewellery exports (both studded and plain) too slipped by 35 percent to US$ 547.5 million, from US$ 844.67 million in November last year. Gold medallions and coins exported in the said month amounted to US$ 319 million dropping from US$ 472.5 million in the same month last year. Silver jewellery exports also took a beating valuing US$ 256.26 million (US$ 370.69 million in November 2015).

Rough imports of US$ 1.19 billion doubled in value terms from US$ 624.9 million in November 2015. Volume-wise it stood at 8.55 million carats as compared to 6.43 million carats in November 2015. Cut and polished diamond imports rose 12.5 percent to US$ 165.83 million from US$ 147.43 million in November 2015.

The GJEPC noted the industry was closed for some days in November as part of its annual Diwali holidays and the demonetization scheme which was announced on November 8 also impacted business volumes.

In the said month this year, coloured gemstone exports slipped to US$ 24.44 million (US$ 25.06 million in November last year.)