India's gems, jewellery exports in November rise 12 pc year-on-year
Dec 12, 2022
New Delhi, [India], December 12 : India's gems and jewellery exports in November rose after a steep fall the previous, thereby indicating a resumption in manufacturing activity post the Diwali break, said the Gem and Jewellery Export Promotion Council (GJEPC) on Monday.
In November 2022, India's gems and jewellery exports grew 11.83 per cent to Rs 19,855.17 crore as compared to Rs 17,755.28 crore for the same month last year.
On a cumulative basis so far this fiscal -- April-November 2022, the overall gross exports of gems and jewellery witnessed a growth of 8.26 per cent to Rs 208,039.06 crore as compared to Rs 192,161.85 crore same month last year.
"November is usually marked with the resumption of manufacturing post the Diwali break that resulted in rise in gem and jewellery exports by 12 per cent. The USA and Hong Kong remained the two biggest pillars of India's overall gem and jewellery export growth for the period of April to November 2022, accounting for USD 9211.39 million and USD 5781.90 million, respectively," said Vipul Shah, Chairman of GJEPC, in a statement.
"With the easing of Covid restrictions in China and the upcoming Chinese New Year, there may be hope on the horizon," Shah added in the statement.
Further, the overall gross export of cut and polished diamonds grew 4.97 per cent to Rs 10,202.54 crore as compared to Rs 9,719.72 crore in November 2021, GJEPC data showed.
For the April-November period, the overall gross exports of cut and polished diamonds grew just 1.0 per cent to Rs 121,602.56 crore as compared to Rs 120,395.56 crore for the same period last year.
Coming to October 2022, the total gems and jewellery exports saw a decline of 14.64 per cent to Rs 25,843.84 crore as compared to Rs 30,274.64 crore for the same period last year. The decline in exports in October or November is a seasonal trend consistent with previous years as manufacturing activities are either limited or units are closed because of the Diwali season.
