Gem & Jewellery Export Promotion Council (GJEPC) released an annual performance of India’s gems & jewellery industry for FY 2015-16 on 28 April 2016.
Total gross gems and jewellery exports for the period amounted to US$38.599 billion compared to last financial year’s US$39.98 billion, thus registering a decline of 3.46 percent. However, after taking return consignments into consideration, net exports showed a larger gap between the two years and stood at US$31.98 billion as against total exports of US$36.22 billion notched in FY 2014-15, down by 11.7 percent.
The cut and polished diamond sector with exports of US$19.996 billion took a 51.8-pecent share of the gems and jewellery export basket, but saw a decline of 13.66percent over last year. The gold jewellery segment notched exports worth US$8.609 billion, sharing 22.3 percent of the whole gems & jewellery exports with a decline of 13.07percent over the previous year’s US$9.903 billion. Coloured gemstones which account for 1.12-percent of the whole exports achieved US$433 million and registered a relatively lower decline of 4.43 percent.
“The drop in the industry’s performance figures is driven by the global economy slowdown. For the first time ever, the export of cut and polished diamonds has shown a huge decline of more than 13 percent for FY 2015-16, in comparison to the same period last year. Weak international demand and high rough diamond prices have led to the absence of profitability. Slow demand has also led to the fall in rough diamond imports by 16 percent in FY 2015-16 for the first time. Rough prices are edging upwards; the sluggish global demand has created inventory pile-up,” Praveenshankar Pandya, chairman GJEPC stressed.
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