India Gold Jewelry Export Plunges by 42%

Source:

"India has nothing to cheer about when it comes to the export of gold jewelry"

India may be on top of the world these days as far as bullion trading is concerned. India's recent decision to buy 200 tons of gold from the International Monetary Fund (IMF) has sent gold prices to dizzying heights these days. But India has nothing to cheer about when it comes to the export of gold jewelry from the country.

According to the provisional figures received from the Gem and Jewellery Export Promotion Council (GJEPC) for October 2009, there is an almost 42% decline in the export of gold jewelry from India in October this year.

The total export of gold jewelry stands at US$513 million (Rs 2399 crores) as compared to US$891 million (Rs 4333 crores) in the corresponding month last year.

The total export of gems and jewelry from India for October stands at US $2114.45 million (Rs 9879 crores) as compared to US$2296 million (Rs11,167 crores) last year. There is an overall decline of almost 8%.

Total cut and polished diamonds worth US$1,496 million (Rs 6988 crores) were exported as compared to US$1,278 million (Rs 6214 crores) last year. There has been an increase of almost 17%.

There has been a 31% growth in the export of colored gemstones this year. Last October, around US$18 million (Rs 90 crores) were exported as compared to US$24 million (Rs 113 crores) this year.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe