(MENAFN- IANS) New Delhi, Nov 18 (IANS) The overall gross exports of gems and jewellery from India stood at Rs 25,194 crore in October, a growth of 9.18 per cent compared to Rs 22,857.16 crore in the same month last year, bringing relief for the industry amid volatility in markets, according to a data released by the Gems and Jewellery Export Promotion Council (GJEPC) on Monday.
The overall imports of gems and jewellery for October stood at Rs 12,489.33 crore, showing a decline of 14.65 per cent as compared to Rs 14,496.03 crore for the same period last year.
“The overall gems and jewellery exports witnessing a rise after a prolonged period of sluggishness is a big relief for the industry. However, the geopolitical tensions still remain a matter of concern for the Indian Gems and Jewellery industry,” said Colin Shah, MD, Kama Jewelry.
“We hope that the countries in conflict come to a truce and normalcy prevails. Moreover, with elections already concluded in the key markets like the US, the demand is expected to see some spike fuelled by robust buying sentiment which will be supported by the holiday season,” he added.
The Indian jewellery traders and manufacturers are taking cautious steps and are more inclined to clear the existing inventory.
The upcoming Indian wedding season along with holiday season in the West will together intensify the demand and, thus“we should say a rise in imports and exports both,” said the report.
The total gross export of gold jewellery in October stood at Rs 9,449.37 crore, showing a growth of 8.8 per cent compared to Rs 8,603.33 crore for the same period last year.
With gold prices hitting new highs, the long-term appeal of the yellow metal is gaining more strength, which has been driving the demand globally.
The overall gross export of cut and polished diamonds rose by 11.32 per cent, standing at Rs 11,795.83 crore compared to Rs 10,495.06 crore for the corresponding period last year.
Meanwhile, gross imports of rough diamonds stood at Rs 53,733.31 crore in October, showing a decline of 24.3 per cent when compared with the imports for the same period last year which stood at Rs 70,061.18 crore.
“This is because diamonds have a niche market and with the increasing global economic uncertainty, people have turned to investing more in gold due to its safe haven feature. However, with the ongoing wedding and holiday season in sight, we anticipate to see the demand going upwards in the coming months,” the report mentioned.
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