Gems and Jewellery exports In November Rise 12 Pc year on year

India's gems and jewellery exports showcase a rise after a steep fall recorded earlier; the jewellery exports have hence indicated a resumption of manufacturing activity after Diwali. In the month of November, India's gems and jewellery exports grew 11.83 % to Rs 19,855.17 crore as compared to Rs 17,755.28 crore for the same month last year.

On the cumulative basis so far this fiscal –April November 2022, the overall gross exports of gems and jewellery witnessed a growth of about 8.26 % to Rs 208,039.06 crore as compared to RS 192,161.85 crore same month the last year.

November has usually marked with the resumption of manufacturing post the Diwali break, resulting in a 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.

Further, the overall gross export of cut and polished diamonds showcased an increase of about 4.9% to RS 10,202.54 crore as compared to RS 9719.72 crore in November 2021 GJEPC data showcased.

As reported in October 2022, the total gems and jewellery saw a decline of about 14.64% to Rs 25,843.84 crore compared to Rs 30,274.64 crore for the same period last year. The decline in exports on October or November has been a seasonal trend consistent with previous years.

According to industry experts, the demand is set to pick up further from January.

The trade trends have been similar all over the world as China also has been suffering from declining gold imports via Hong Kong in October. According to a report by Reuters, imports fell by about 45% from the previous month. China has been one of the biggest importers of Gold, and the decline showcases a straight fall in demand for Gold all over the world amid the recessionary trends as well as for China, specifically a lockdown to control the spread of a newer rendition of the Coronavirus. In addition, the fall in demand for golf also showcases changes in people's choices and no longer seeking Gold as a safe investment option in the times of recession and Economic slowdown.

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