Breaking News

You are here » Indian-Commodity  :  Commodities  :  Gold, Silver & Bullion  :  India's gems and jewellery exports slip 22% in April 2018

22-May2018

India's gems and jewellery exports slip 22% in April 2018

Gems and jewellery exports of India slipped 22% to $2.6 billion in the month of April 2018, from the exports of $3.31 billion in April 2017, due to slowdown in demand in major markets including the UAE. According to the Gem and Jewellery Export Promotion Council (GJEPC) of India, the drop in outbound shipments in April is mainly due to negative growth in the export of silver jewellery, gold medallions and coins along with a sharp rise in the return of consignments.

As per the data, silver jewellery shipments declined 95.5% to $34.19 million in April, while export of gold medallions and coins contracted by 87.6% during the month under review. However, total gold jewellery shipments jumped 49% to $913 million during the period and shipments of cut and polished diamonds too grew 14% in the month under review.

During April 2018, consignments worth $545.3 million were returned compared with $533 million in April 2017. On the other hand, imports contracted by 24% to $2.35 billion in the month under review. Rough diamonds imports dipped around 13% during the month.

The GJEPC of India has said that major export destinations for the sector include Hong Kong, the UAE and the US. The three countries account for over 80% of the country's total exports of gems and jewellery and gems and jewellery contributes nearly 7% to India's GDP and over 15% to the merchandise exports. The industry has urged bankers not to reduce their current credit limits as this would hamper and erode exports and employment creation. 



Related News

View all news

Gold futures end higher on Monday

Gold futures marked one week high on Monday, as US currency eased ahead to Federal Open Market Committee (FOMC) Meeting. Moreover, increased risk aversion in investors amid uncertainty around concrete......

Gold futures end higher on Monday

Gold futures marked one week high on Monday, as US currency eased ahead to Federal Open Market Committee (FOMC) Meeting. Moreover, increased risk aversion in investors amid uncertainty around concrete......

Gold futures trade tad lower on Monday

Gold futures traded marginally lower on Monday, owing to a firmer dollar and cautious outlook among investors ahead to Federal Open Market Committee (FOMC) meeting on December 18 and 19. Moreover,......

Top News

View all news

Infibeam Avenues' arm incorporates wholly owned subsidiary

Infibeam Avenues' wholly owned subsidiary-- Infibeam Global EMEA FZ-LLC has incorporated a wholly owned subsidiary company namely 'Richrelevants' in BVI, which will be the Step-down Wholly Owned Subsidiary......

Ramco Systems gets order from Global Top 10 Chemical Manufacturing Company

Ramco Systems' Global Payroll platform has been chosen by one of the leading chemical producer and a Global Top 10 Chemical Manufacturing company by revenue, as a Managed Service for its multi-country......

JCT planning to raise funds on preferential basis

JCT is planning for the fresh issuance of equity shares aggregating to Rs 9.16 crore on preferential basis to term lenders. The meeting of the Board of Directors of the Company will be held on December......