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The total export of gems and jewelery grew by 6.7 per cent year-on-year to Rs 26,418.84 crore in August 2022. Gems and Jewelery Export Promotion Council (GJEPC) gave this information on Thursday.
According to GJEPC, the total export of gems and jewelery during August 2021 was Rs 24,749.69 crore. Even after the gains in August, the market is currently worried about geopolitical crises and fears of recession. It is feared that if these signs deepen further, then there may be an impact on exports.
According to information given by GJEPC, the total gross export of polished and polished diamonds (CPD) declined by 0.84 per cent to Rs 14,955.8 crore in August this year. It was Rs 15,082.28 crore in August 2021. The total gross exports of CPD during April-August 2022 increased by 1.59 per cent to Rs 78,697.84 crore as against Rs 77,465.26 crore in the corresponding period of last fiscal.
GJEPC President Vipul Shah said, due to the slowdown in the Chinese economy for the last two months, CPD exports have been affected to a great extent. Also Russia and Ukraine conflict has affected diamond exports to some extent. Apart from this, the total gross export of plain gold jewelery grew by 25.44 per cent to Rs 2,970.78 crore in August. It was Rs 2,368.24 crore in the same month a year ago.
At the same time, India’s exports of goods grew marginally by 1.62 per cent to USD 33.92 billion in August. During this period, the trade deficit more than doubled to USD 27.98 billion. During April-August 2022-23, exports grew by 17.68 per cent to USD 193.51 billion. In the first five months of the current fiscal, imports grew by 45.74 per cent to USD 318 billion.
Gold imports in August declined by nearly 47 per cent to USD 3.57 billion. A part of imported gold is exported with value addition. Silver imports rose to USD 684.3 million in the month under review, from USD 154 million in the same month last year.
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