G&J Exports Down 6 PC in Jan; Gold Jewellery Exports Down Despite Price Gain

Chennai: The end of the festive season and the US tariffs hit gems and jewellery exports, which were down 5.79 per cent in January. Despite higher metal prices, gold jewellery exports fell 16.5 per cent, while silver and platinum jewellery exports managed to stay positive due to price appreciation.

The overall exports of gems and jewellery were down 5.79 per cent in January to $2.2 billion and 0.64 per cent in April-January period to $23 billion.

Cut and polished diamond exports were down 3.64 per cent to $979.27 million in January, while it was down 7.46 per cent in the 10-month period. In volume terms, cut and polished diamond export reported a growth of 16 per cent, indicating lower price realisation for the exports.

Despite 55 per cent price rise in the yellow metal prices, gold jewellery exports were up by just 5.5 per cent in April-January period, while exports were down 16.5 per cent in January. Of this, exports of plain gold jewellery were down 41.84 per cent in January. UAE is the largest market for gold jewellery.

However, silver jewellery exports gained due to the price rise in the metal. During April-January period, exports were up 51 per cent. Silver prices moved up 66 per cent during this period.

Platinum jewellery exports too were supported by a price rise of 60 per cent. Platinum Jewellery exports for the period were up 49.09 per cent.