India’s diamond trade is glistening post-Covid, export of diamonds increased by 38% in October

Export of silver jewellery from India witnessed 106% growth in April-October-2021.

Mumbai (Maharashtra) [India], November 16: Riding high on strong global demand, India’s diamond trade is glistening post-Covid, with exports of cut and polished diamonds increasing by 38% in October-21.

According to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC), the export of cut and polished diamonds increased to 38.22% at Rs 19,178 crore compared to Rs 13,875 crore during the same month in 2019.

Colin Shah, Chairman, GJEPC said, “The overall sentiment in the gem and jewellery industry is quite positive. Manufacturing activity peaked in the pre-Diwali period, reflected by the 16% jump in exports for October due to strong demand from key markets, led by the US. I estimate that this spike would be immediately followed by a dip in manufacturing activity as most companies closed for the traditional Diwali break. However, I am hopeful that the momentum will recover in the last quarter of the financial year, thus helping us to achieve our goal of USD 41.75 billion in exports for the year 2021-22.”

The silver jewellery export from India has shown a robust growth with the gross exports during April-October-2021 growing at   106%at Rs 11,331 crore compared to Rs 5,216 crore during the same period I 2019.

The overall gross export of gems and jewellery increased 10.71% to Rs 1,75,373 crore compared to Rs 1,58,404 crore in 2019.

During April – October 2021, the overall gross exports of cut & polished diamonds at Rs. 1,10,679.18 crores grew 28.80% as compared to Rs. 85,932.25 crores in 2019.

On the other hand, the gold jewellery export from India decreased at 7.62% at Rs 8,152 crore in October-21 as compared to Rs 8,369 crore in 2019. The gold jewellery export during April-October-21 declined 27% at 40,255 crores as compared to Rs 51,794 crore in 2019.