India's Gem & Jewellery Exports Dip 18.79% in Aug
By Rediff Money Desk, Mumbai Sep 23, 2024 18:43
India's gems and jewellery exports declined 18.79% to USD 2.01 billion in August due to sluggish global demand, according to GJEPC data. Cut and polished diamond exports dipped by 26% and gold jewellery exports contracted by 1.15%.
Mumbai, Sep 23 (PTI) India's gems and jewellery exports declined 18.79 per cent to USD 2.01 billion in August due to sluggish global demand, according to GJEPC data.
The exports stood at USD 2.47 billion during August 2023, Gem Jewellery Export Promotion Council (GJEPC) said.
However, it said the shipments during the month under review improved from July, when it was USD 1.66 billion.
"We need to work hard to feed the demand in key export markets like the US and China. Meanwhile, mid-stream manufacturers are struggling with both demand as well as profitability," the council's chairman, Vipul Shah told PTI.
The data also showed that exports of cut and polished diamonds dipped by about 26 per cent at USD 1 billion in August as against USD 1.36 billion in the same period of previous year.
The total gross export of gold jewellery too contracted by 1.15 per cent to USD 687.69 million during the month.
Commenting on the numbers, Kama Jewelry MD Colin Shah said the gems and jewellery sector domestically has been performing well as compared to the global market scenario.
"The price correction in gold after the customs-duty cut will be passed down to the buyers, ultimately driving up sales," he said adding the sector has witnessed a dull period in exports for the longest time and the sales during this festive season will bring in some respite.
The exports stood at USD 2.47 billion during August 2023, Gem Jewellery Export Promotion Council (GJEPC) said.
However, it said the shipments during the month under review improved from July, when it was USD 1.66 billion.
"We need to work hard to feed the demand in key export markets like the US and China. Meanwhile, mid-stream manufacturers are struggling with both demand as well as profitability," the council's chairman, Vipul Shah told PTI.
The data also showed that exports of cut and polished diamonds dipped by about 26 per cent at USD 1 billion in August as against USD 1.36 billion in the same period of previous year.
The total gross export of gold jewellery too contracted by 1.15 per cent to USD 687.69 million during the month.
Commenting on the numbers, Kama Jewelry MD Colin Shah said the gems and jewellery sector domestically has been performing well as compared to the global market scenario.
"The price correction in gold after the customs-duty cut will be passed down to the buyers, ultimately driving up sales," he said adding the sector has witnessed a dull period in exports for the longest time and the sales during this festive season will bring in some respite.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 10.41 (+ 0.48)
- 53727067
- GTL Infrastructure
- 2.41 (+ 4.78)
- 49996392
- Five-Star Business F
- 797.20 ( -1.39)
- 47756593
- Spicejet Ltd.
- 61.84 ( -0.87)
- 37121295
- Reliance Power L
- 44.16 (+ 4.99)
- 36538149
MORE NEWS
Gulf Oil Promoter Sells 4% Stake for Rs 263 Crore
Gulf Oil International Mauritius Inc. sold a 4% stake in Gulf Oil Lubricants India for...
Zaggle Acquires Stakes in Span Across IT &...
Fintech firm Zaggle invests Rs 48 crore in Span Across IT Solutions and Mobileware...
Swiggy Files Updated IPO Papers: Eyes Rs 3,750 Cr
Swiggy files updated IPO papers with Sebi, aiming to raise Rs 3,750 crore through fresh...