Gem, jewellery exports decline by 4.21% in Nov

Mumbai: India's overall gem and jewellery exports in November declined by 4.21 per cent to Rs 17,784.92 crore ($2,384 million) compared to the same month last year due to break in manufacturing activity during Diwali, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.

The total exports during November 2020 stood at Rs 18,565.31 crore ($2,582.39 million), according to data by GJEPC.

The decline was expected due to a break in manufacturing activity during Diwali.

"India's gem and jewellery export performance through 2021 has been far ahead of our expectations this time last year. The good news is that the world's biggest jewellery consuming nation, the US, has increased purchases from India this year. We expect to achieve the export target of $41.65 billion this fiscal year," GJEPC chairman Colin Shah said.

Meanwhile, the exports of cut and polished diamond (CPD) in November declined by 20.41 per cent to Rs 9,719.72 crore ($1,302.78 million) compared to Rs 12,212.79 crore ($1645.19 million) in the corresponding month last year.

However, the total export of gold jewellery grew by 38.24 per cent to Rs 5,286.23 crore in November compared to Rs 3,823.82 crore ($515.38 million) for the same period of previous year.