September 29, 2022

Gems and jewelery exports grew by 7%, with exports crossing Rs 26,000 crore in August

Total exports of gold jewelery rose 25.44 per cent to Rs 2,970.78 crore in August. It was Rs 2,368.24 crore in the same month a year ago.

Jewelery exports have increased

Some relief was reported from the export sector amid fears of a global slowdown. Total exports of gems and jewelery rose 6.7 percent year-on-year to Rs 26,418.84 crore in August 2022. Gems and Jewelery Export Promotion Council (GJEPC) informed this information on Thursday. According to GJEPC, the total gems and jewelery exports in August 2021 were Rs 24,749.69 crore. Despite gains in August, the market is currently worried about the geopolitical crisis and fears of a recession. If these symptoms deepen, it is feared that the export may be affected.

Exports of polished diamonds have declined

According to data provided by GJEPC, total exports of polished and polished diamonds (CPD) declined by 0.84 percent to Rs 14,955.8 crore in August this year. It was Rs 15,082.28 crore in August 2021. Total gross exports of CPD rose 1.59 percent to Rs 78,697.84 crore during April-August 2022 from Rs 77,465.26 crore in the same period last fiscal. GJEPC president Vipul Shah said that CPD exports have been affected to a large extent due to the slowdown in China’s economy for the past two months. Also, the conflict between Russia and Ukraine has affected diamond exports to some extent. Also, total exports of general gold jewelery increased by 25.44 per cent to Rs 2,970.78 crore in August. It was Rs 2,368.24 crore in the same month a year ago.

A slight increase in total exports in August

At the same time, India’s merchandise exports rose 1.62 percent to $33.92 billion in August. During this period, the trade deficit more than doubled to $27.98 billion. During April-August 2022-23, exports grew by 17.68 percent to $193.51 billion. Imports rose 45.74 percent to $318 billion in the first five months of the current fiscal year. Gold imports fell nearly 47 percent to $3.57 billion in August. A part of imported gold is exported with value addition. Silver imports rose to $684.3 million during the month under review, from $154 million in the same month last year.

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