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Gold Jewellery Export up by 11 percent
Posted on: 13/Oct/2016 5:49:52 PM
The export of gold jewellery and gems has gone up by 11 percent. In the current financial year, the trading on gold jewellery between the 5 months period from April to August was US Dollars 1400 Crores.
The United States of America plays a prominent role in Indian export of gold jewellery.
The trading this year can be compared with the corresponding 5 month period in the last financial year, which was US Dollars 1300 Crores.The above statistics are from the data furnished by GJEPC (Gems and Gold jewellery Export Promotion Council).
It is remarkable that out of the country’s total export, the export of gold jewellery and gems is 18 percent. Another noteworthy point is that during the 5 months period between April and August, polished diamonds have been the leading export items.
During April-August, the export of silver jewellery also went up by 52.6 percent and was worth US Dollars 167 Crores.
The officials explained the there was an increased demand higher than usual in the European and American markets. The experts further explained that with a large number of workers involved in the export of gold jewellery, continued increase in export of gold jewellery will help change the current stagnation in exports.
Though the export of gold jewellery has gone up, the export contract for this period has gone down by 30 percent and is US Dollars 114 Crores. The corresponding figure for the previous year was US Dollars 161 Crores. The export of gold coins is down by 12 percent and is worth US Dollars 199 Crores.
As per the data provided by GJEPC, the import of unpolished diamonds over the 5 month period April-August was up by 19.37 percent and worth US Dollars 700 Crores. The import of gold bars during this 5 month period is up by 34.51 percent and is worth US Dollars 198 Crores.
There was a stagnation in India’s export value from December 2014 to May 2016 due to the main reasons of decrease in demand and the fall in the crude oil prices in the international market.
However, the exports picked up from this June (2016). Again, there has been a stagnation from July-August.
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