Gem, jewelry export down eight% last month

Gem, jewelry export down eight% last month

by admin- Thursday, December 23rd, 2021 08:02:24 AM

Break in production interest at some stage in Diwali visible because the reason
Gem and jewelry exports declined eight consistent with cent final month to $2.38 billion towards $2.58 billion in the identical duration a yr in the past, largely because of wreck in production activity during Diwali.

In rupee terms, it became down 4 in step with cent to ₹17,785 crore in opposition to ₹18,471 crore logged in equal period final 12 months.
Cut and polished diamond exports become up eleven in keeping with cent to $1.30 billion ($1.17 billion), even as in rupee terms in jumped sixteen according to cent to ₹nine,720 crore (₹eight,367 crore).
Duty reduce sought
Colin Shah, Chairman, Gem and Jewellery Export Promotion Council, said export performance via this 12 months is far ahead of enterprise’s expectations because the US, the arena’s largest jewellery purchaser, has increased purchases from India.

The industry has entreated the authorities to reduce import obligation on reduce and polished diamonds, gold and different valuable metals and change in taxation provisions to permit the sale of rough diamonds in the Special Notified Zones in Mumbai and Surat which might help the industry gain its export target of $70 billion inside the following few years, he stated.

Gem and jewellery enterprise expects to acquire the export target of $forty two billion this economic yr.

Between April and November, overall gross exports of gem stones and jewelry was up four according to cent to $26 billion ($25 billion) whilst in rupee phrases it changed into up nine in step with cent at ₹1.93-lakh crore. The major export markets had been america (38 in keeping with cent), Hong Kong (24 consistent with cent), the UAE (14 per cent), Belgium (four consistent with cent) and Israel (four in line with cent).

Gold jewellery exports closing month declined 37 according to cent to $709 million and down 34 in step with cent in rupee terms to ₹5,286 crore in November.

Gold jewellery exports between April and November dipped 28 in keeping with cent to $6.Thirteen billion ($eight.49 billion) and declined 24 consistent with cent in rupee phrases to ₹forty five,542 crore (₹59,783 crore).

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