India’s gem and jewellery industry reports 11 percent fall in exports in 2013/14
MUMBAI, April 2014 – India’s Gem & Jewellery Export Promotion Council (GJEPC) has announced the annual performance for the Indian gem and jewellery sector for the FY2013-14, declaring a contribution of US$ 34,746.90 million to India’s foreign exchange earnings, with a decline of 11 percent as compared to the last year’s figures.
The financial year 2013-14 saw an increase of 12.65 percent in export of cut and polished diamonds with figures of US$ 19,635 million.
The industry also saw an increase of 11.98 percent in imports of rough diamonds with figures of US$ 16,716 million indicating an increase in cutting, polishing and other manufacturing activities in India.
The export of g old jewellery and gold medallions together for the period April 2013 to April 2014 was at US$ 11,045.92 million, a decline of 39.50 percent.
This was mainly due to non-availability of gold limiting the extent of trade for many Indian players.
The average price for exported gold was lower than previous year adding to the woes of the industry that took a hit and closed at a negative of 11 percent.
Coloured gemstone exports also dropped by 20.10 percent in this year with figures of US$ 519 million.
Silver jewellery exports had a significant increase of 58.57 percent with figures of US$ 1460 million.
Key exporting destinations for gems and jewellery in 2013-14 were UAE with 35% of exports valued at US$ 12,195.34 million followed by Hong Kong at 28% with value of US$ 9,790.45 million and the United States at 14% with an export value of US$ 4,948.92 million.
Commenting on the Financial Year results of the gems and jewellery sector, Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council said, “There has been a robust growth in the diamond sector. The market is bullish and the US and European markets have also improved. Although there has been a decline by 11% in the overall performance, there are numerous opportunities for growth and improvement. We are looking at new ventures, new markets such as the Middle East, Russia, China, and various initiatives to promote the industry.”
Shah added, “The outlook for 2014-15 looks positive in the overall gems and jewellery exports in the current fiscal year. The MoU being signed with Russian diamond mining firm ALROSA to share trade and statistical data between the two countries, will help in strengthening trade relations.
“Some of our other initiatives for the year 2014-15 include the India – China Gemstones Buyer – Seller Meet in Jaipur; India – USA Buyer – Seller Meet to be hosted for the first time in Chicago; the 2nd edition of the global Gem & Jewellery fair in Dubai this November, and many more.”