Gems, jewellery exports dip 8% in January

Gems and jewellery exports dipped 7.8% in January to USD 2.7 billion as against USD 2.9 billion a year ago, according to data of the Gem Jewellery Export Promotion Council (GJEPC).

During April-January 2021, exports declined about 37% to USD 19.24 billion as compared with USD 30.52 billion during the 10 months of 2019-20, the data showed.

Export of cut and polished diamonds (CPD) contracted 23.43% to USD 12.5 billion during April-January this fiscal. Gold jewellery shipments also dipped about 65% to USD 3.55 billion.

However, overall gold jewellery exports for the first 10 months of the financial year rose 5.33% to Rs 71,981.43 crore, from Rs 68,340.74 crore in the yearago period.

Further, on the amended Gold Monetisation Scheme (GMS), GJEPC President Colin Shah said the revamped scheme is a win-win for all as it will unlock tonnes of unused gold in India.

"This will not only benefit the consumer, retailer and banks but the nation as well. This will drastically reduce the import of gold and will help the country with our current account deficit," he added.