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 edge up on MCX

Gold futures edged up on MCX as the dollar softens after US President Donald Trump said he is 'not thrilled' with the Federal Reserve's decision to raise interest rates.The contract for October delivery......

Gold futures end higher on Monday

Gold futures ended higher on Monday as trade talks lifted the Chinese yuan, making the bullion cheaper for buyers in the world's biggest gold consumer.Gold futures for December delivery settled up 0.7......

Gold futures edge higher as dollar weakens

Gold futures edged higher on Monday, as hopes of easing trade tensions between the United States and China weighed on the dollar, adding to demand for the yellow metal.Gold futures for December delivery......

Top News

View all news

CG Power's JV inaugurates HV, EHV factory in Indonesia

CG Power and Industrial Solutions' (CG) joint venture (JV) PT CPSI has inaugurated Indonesia's first High Voltage (HV) and Extra High Voltage (EHV) factory at the Modern Cikande Industrial Estate, Banten......

MCX inks MoU with Indian Cotton Federation: Report

Multi Commodity Exchange of India (MCX) has reportedly signed memorandum of understanding (MoU) with Coimbatore-based Indian Cotton Federation (ICF). The agreement is to facilitate potential collaboration......

RIL's telecom arm tops Fortune's 'Change the World' list

Reliance Industries' (RIL) telecom arm -- Reliance Jio -- has ranked as the top company globally on Fortune's 'Change the World' list that ranked companies using the profit motive to tackle social problems......