Gems, jewellery exports glitter in April; see 33% growth

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After declining 3 per cent in March, India’s gems and jewellery exports witnessed a robust growth of about 33% to $3.38 billion in April 2013.In April 2012, these exports stood at $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,” Sabyasachi Ray, Executive Director, GJEPC said.
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 per cent, followed by coloured gemstones 218 per cent, cut and polished diamonds 37 per cent and gold medallions and coins 13.2 per cent.
However, outward shipments of gold jewellery saw a decline of 13.8 per cent.During 2012-13, the gems and jewellery exports declined by 9.4 per cent year-on-year to $39 billion due to weak demand in western markets.
The council feels that in 2013-14 these exports would grow between 10 per cent and 15 per cent compared to last fiscal.Gems and jewellery constitute 17 per cent of India’s total exports and the sector employs 1.5 million people.

PTI
Source : Bullion Bulletin

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