India’s February Gems and Jewelry Exports Down 39%

Fewer orders from western markets have resulted in a 39.3 percent decline in February gems and jewelry exports to $2.7 billion, according to India’s Gem and Jewellery Export Promotion Council.

The biggest losses among India's gemstone and jewelry manufactures were led by a 53.7% drop in polished diamond orders, followed by a 30.3 percent drop in gold jewelry exports. Exports of rough diamonds fell by 15.6 percent for the period and colored gemstones fell by a more modest 3.7 percent.

Gains for the month were led by silver jewelry (39.5 percent) and gold medallions and coins (15.7 percent).

GJEPC, the organization the leads the India gems and jewelry industry, reportedly blames the decline on fewer orders from the U.S. and Europe, whose economies are still struggling. Other major export markets for the gem and jewelry manufacturers are the UAE and Hong Kong.

The organization also reported that gems and jewelry exports increased by 4 percent from April 2011 till February.

India’s Gem and Jewelry Exports Up 40%

Gem and jewelry exports from India for the month of July grew 40.4 percent, year-over-year, to $ 2.34 billion, the Gem and Jewellery Export Promotion Council of India said in statement Tuesday.

Exports of cut and polished diamonds in July increased 36.8 percent year-over-year to $1.68. Gold jewelry exports for the month grew 25.2 percent to $454.87 million. And colored gemstone exports grew at a more modest pace of 5.3 percent to $19.6 million.

How much of that jewelry is being exported to the U.S. wasn’t revealed in the GJEPC statement. The U.S. has been by far the largest purchaser of jewelry from India. However, in recent years because of the economic recession in the U.S., jewelry, diamond and gem manufacturers in India have been working harder to gain inroads in domestic and regional markets.