India’s Gem and Jewelry Exports Drop 1%

(IDEX Online News) – The Gem & Jewellery Export Promotion Council (GJEPC) reported that gem and jewelry exports totaled $39.899 billion during the fiscal year ended March 31. This was a drop of 0.62 percent in dollar terms compared to $40.147 billion for the April 2013-March 2014 period.

Overall, gross gem and jewelry imports totaled $31.471 billion, an increase of

1.29 percent compared to $31.071 billion in the prior-year period.

With regard to diamonds, gross polished exports totaled $23.16 billion, a decline of just under 5.5 percent compared to $24.498 billion in the previous fiscal year. Polished imports increased 6.2% to $6.943 billion compared to $6.54 billion last year.

Rough diamond imports were more or less flat at $16.741 billion, compared to $16.716 billion last year.

Looking ahead, the GJEPC said it anticipates that the lower costs of importing rough through the SNZ establishment in India will benefit the gem and jewelry industry hugely in the coming years and will result in growth in the near future.