Strong demand for festive season! Gems and jewellery exports grows to record Rs 24,239.81 cr in Aug

Gems and jewellery exports rose to a record Rs 24,239.81 crore in August on strong demand for the coming festive season and the removal of entry restrictions, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.

The overall gems and jewellery exports stood at Rs 13,160.24 crore in August 2020 while in August 2019 the total shipments stood at Rs 20,793.80 crore, according to GJEPC data.

See Zee Business Live TV Streaming Below:

The year 2020 was a near washout for exports due to closure of borders and other Covid-19 related disruptions.

"So far 2021-22 has been showing a healthy recovery. Thanks to the gradual opening of the markets, the removal of entry restrictions, and the forthcoming festive season, India's gem and jewellery exports will witness consistent growth in the near future," GJEPC chairman Colin Shah said in a statement.

Meanwhile, Cut and Polished Diamond exports have registered a growth of 29.37 per cent to Rs 15,083.33 crore in August 2021 compared to Rs 11,659.46 crore in August 2019.

"Strong demand in the USA, China and several European countries along with sustained consumer interest in diamond jewellery are some of the factors for the positive export growth of cut and polished diamonds," said Shah.

In August 2021, gold jewellery exports declined 15.06 per cent to Rs 5,756.54 crore compared to Rs 6,777.50 crore in August 2019, GJEPC added.