October 21, 2010 :: Posted by - web_glnews :: Category - Gemstones
India’s gems and jewellery exports recorded an unusual growth in September on the back of a rise in demand of mid- and low-end diamond jewellery in the US. The US constitutes nearly 40 per cent of diamond jewellery spending in the world. Data compiled by apex deal body, the Gems & Jewellery Export Promotion Council (GJEPC), showed that the total exports rose a staggering 56 per cent to $4,061.87 million in September, against $2,602.26 million in the corresponding month of the previous year.
In rupee term, though, the total shipment rose 48.42 per cent at Rs 18,708.96 crore from Rs 12,605.36 crore in September 2009. generally imports of gems and jewellery also rose sharply at $2,849.88 million (Rs 13,126.54 crore) in September — an increase of 62.24 (54.27 per cent) as compared to $1,756.53 million (Rs 8,508.63 crore) in the corresponding period last year.
During the first half of this financial year, the total use of cut and polished diamonds stood at $12,714.83 million (Rs 58,606.45 crore) recording a growth of 61.54 per cent (53.44 per cent in rupee term), compared to $7,870.91 million (Rs 38,194.82 crore) for the same time last year. According to a announcement by GJEPC, overall trade (exports and imports) of cut and polished diamonds stood at Rs 58,606.45 crore and Rs 38,846.79 crore between April and September, as compared to Rs 38,194.82 crore and Rs 23,699.78 crore, correspondingly, during the equivalent period last year.
Provisional import of gold jewellery for the first six-month period stood at $5,340.46 million (Rs 24,573.98 crore) recording a growth of 20.04 per cent (13.74 per cent in rupee term) from $4,448.75 million (Rs 21,606.29 crore) in the corresponding of the previous year. In difference, export of coloured gemstones was at $138.79 million (Rs 640.95 crore) recording a refuse of 2.06 per cent (6.73 per cent fall in rupee term) in the first half of the current financial year, compared to $141.71 million (Rs 687.22 crore) in the same period last year.