News Bureau

December 09, 2020

Gems and jewellery exports recovering at fast pace

The Gem and Jewellery sector have shown signs of green shoots of exports after a long pandemic struggle of over 8 months. The November 2020 gross exports of Gems & Jewellery reported USD 2.48 Bn a mere 3.88 percent decline as compared to the gross exports of USD 2.58 Bn reported in November 2019.

Overall gross exports however this fiscal year since April to November 2020 has been reported USD 13.95 Bn, which has declined by over 44.37 percent as compared with USD 25.08 Bn gross exports reported the same period in April – November 2019.

Colin Shah, Chairman, GJEPC, said, “The gems and jewellery exports have gained momentum, with exports recorded at USD 2.5 Bn for the last couple of months. Manufacturing is returned to almost 90% as rough diamond imports witnessed 69% growth in October. Considering the encouraging market demands and the current rate of growth, the sector is expected to record exports to pre Covid level numbers in the last quarter.”

“Prompt and proactive relief measures by Government during pandemic, focused initiatives by Council to further the  trade through series of Virtual trading platforms such as IIJS Virtual, Virtual Buyer Seller Meets across products, India Global Connect and e – International gem and Jewellery show are helping revive and boost the trade”, added Colin Shah , Chairman.

Vipul Shah, Vice Chairman, GJEPC, added, The fast recovery of the Indian gem and jewellery industry is due to a combination of many factors: the government implemented timely policy measures; central banks injected sufficient liquidity into the system; mining companies supported midstream segment; demand has picked up from major market, the US; and strong online sales have compensated for the weak performance of physical stores.”

Here is the exports data between April – November 2020 in the current fiscal:

Gem & Jewellery Gross Exports: April-November 2020

Months	Gross Exports	Gross Exports	% Growth /Decline (YoY)
	FY2019  US$bn	FY2020 US$bn
April	2.99	0.04	-98.79
May	3.30	1.06	-67.79
June	3.09	1.65	-46.66
July	3.05	1.51	-50.41
August	3.05	1.78	-41.65
September	3.42	2.51	-26.45
October	3.61	2.92	-19.02
November	2.58	2.48	-3.88
April to November	25.08	13.95	-44.37

Exports growth FY 2021 – forecasting

Exports – U Shaped

Gem & Jewellery Imports : April-November 2020

Months	Gross Imports	Gross Imports	% Growth /Decline  (Y-o-Y)
	FY2019  US$bn	FY2020 US$bn
April	2.26	0.01	-99.6
May	1.90	0.32	-83.33
June	1.93	0.59	-69.36
July	2.09	0.55	-73.73
August	1.79	0.89	-50.33
September	2.10	1.91	-8.81
October	1.74	1.96	12.41
November	2.16	1.42	-34.44

Commodity wise Gross Exports– April – November 2020

Commodities	April - November 2019	April - November  2020	% Growth/decline
	(US$mn)	(US$mn)	(Y-o-Y)
Cut & Pol Diamonds	13,412.50	8,951.54	-33.26
Pol. Lab Grown Syn. Diamonds	276.05	423.88	53.55
Coloured Gemstones	228.66	100.87	-55.89
Pol. Synthetic Stone	0.71	0.62	-13.28
Gold Jewellery	8,363.01	2,445.05	-70.76
Silver Jewellery	869.62	1,400.13	61
Platinum Jewellery	5.90	6.37	8.02
Imitation Jewellery	41.84	28.13	-32.75
Articles of Gold, Silver & others	337.30	71.70	-78.74
Others	1,550.55	526.10	-66.07
Gross Exports	25086.12	13954.39	-44.37
Return Consignment	4,764.63	2,527.53	-46.95
Net Exports	20,321.49	11,426.86	-43.77

Commodity-wise Exports:

Source: GJEPC Analysis based on Customs Data 

Commodity wise Imports – April – November 2020

Commodities	April - November 2019	April - November  2020	% Growth/decline
	(US$mn)	(US$mn)	(Y-o-Y)
Rough Diamonds	8,553.96	5,015.85	-41.36
Rgh Lab Grown Diamonds	205.01	301.77	47.2
Rough Coloured Gemstones	167.86	67.74	-59.65
Rough Synthetic Stone	2.89	0.68	-76.52
Raw Pearls	9.83	0.30	-96.91
Gold Bar	5,287.89	456.18	-91.37
Silver Bar	25.51	20.17	-20.94
Platinum Bar	96.83	72.99	-24.62
Sub Total	14349.78	5935.68	-58.64
Imports of Cut & Pol. Diamonds	911.68	1,303.58	42.99
Pol. Lab Grown Diamonds	64.49	22.88	-64.52
Col. Gemstones	396.78	211.35	-46.73
Pol. Synthetic Stone	9.05	0.61	-93.21
Pearls worked	4.82	1.09	-77.45
Gold Jewellery	192.62	139.11	-27.78
Silver Jewellery	40.05	13.27	-66.87
Imitation Jewellery	0.89	1.13	27.27
Others	6.50	13.64	109.72
Sub Total	1626.88	1706.66	4.9
Gross Imports	15,976.66	7,642.33	-52.17

 

Rough Diamond Imports

Months	Gross Imports	Gross Imports	% Growth /Decline (Y-o-Y)
	FY2019  US$bn	FY2020 US$bn
January	0.86	0.76	-11.02
February	1.38	1.47	6.34
March	1.41	0.64	-54.93
April	1.44		-100
May	1.00	0.18	-82.13
June	0.98	0.30	-68.96
July	1.09	0.23	-78.91
August	0.86	0.50	-42.23
September	1.16	1.35	16.18
October	0.80	1.35	69.27
November	1.23	1.11	-10.05
April to November	12.21	7.88	-35.44