India's G&J Exports Decline 20.4%; Gold Jewellery Down 35%

Mumbai: India's exports of gold jewellery (both studded and plain) also slowed down in Nov.2016 declining by 35% to $547.5 mn compared to $844.67 mn in Nov.2015, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC).

The exports from the gem and jewellery sector during Nov.2016 stood at $2.47 bn, a decline of 20.4% over the $3.11 bn exported in Nov.2015. Exports of gold medallions and coins during Nov.2016 also fell to $319 mn as against $472.5 mn a year earlier. Exports of silver jewellery declined to $256.26 mn in Nov.2016 as compared to $370.69 mn in Nov.2015.Coloured gemstone exports were down in Nov. 2016 to $24.44 mn as compared to $25.06 mn exported a year earlier.

The overall exports from the gem and jewellery sector in India during Apl-Nov 2016 stood at $28.79 bn, a rise of 10.91 % as compared to the $25.96 bn exported in the same period in the year 2015.Exports of gold jewellery (both studded and plain) rose 12.02% to $6.09 bn during Apl-Nov 2016, as compared to exports of $5.44 bn in the same period last year.Exports of gold medallions & coins declined 5.37% to $ 3.48 bn in the eight month period. Silver jewellery exports rose 16.37% to $2.37 bn and Coloured Gemstones exports dropped 7.48% to $265.06 mn in April-Nov 2016.

As the industry was closed for the annual Diwali vacation for some weeks in November, business volumes were affected negatively. In addition, the government’s decision in early November to withdraw high value Rs.500 and Rs.1000 notes from circulation also hit business to an extent.

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