Gems and jewellery exports rose sharply in October on re-stocking demand from retailers in developed countries including the US and the European Union. The growth was beyond traders expectations as the demand recovered from last year’s low.
Jewellery shipments were worth $2,922.58 million (Rs 12,979.19 crore) in October, registering a rise of 37.82 per cent (31 per cent in rupee terms) as compared to $2,120.64 million (Rs 9,907.61 crore) in the corresponding month of the previous year, data compiled by the apex trade body the Gems & Jewellery Export Promotion Council showed.
Rajiv Jain, chairman of the council, had estimated the jewellery demand to rise between 15-20 per cent for the current season on rising consumer and retailer demand for the upcoming festival season.
Between April-October period of the current financial year, total exports of gems and jewellery rose 41.64 per cent in dollar terms and 34.48 per cent in rupee terms at $21,395.13 million (Rs 98,088.53 crore) as compared to $15,105.77 million (Rs 72,937.90 crore) in the same period of the previous year.
Overall gems and jewellery imports were at $2,300.64 million (Rs 10,217.13 crore) in October, up 33.60 per cent (26.99 per cent in rupee terms) as compared to $1,722.03 million (Rs 8,045.32 crore) in the same period last year. Imports of rough diamonds were at $6,589.25 million (Rs 30,292.28 crore) in the first seven months, rising 44.86 per cent as compared with the imports at $4,548.65 million (Rs 21,958.11 crore) respectively in the same period of the previous year.
