Gold Jewellery Exports & Sales Decline In Last FY 2011-2012

Gold Jewellery Export

• In FY 2011-12, the total gem and jewellery industry exports were recorded at INR 204823 crores (US$42839 million), and in FY 2010-11, it was INR 195735 crores (US$ 42995 million). As seen from the figures, in dollar terms, there is a marginal drop of 0.36%. However in rupee term, the exports mark an increase of 4.6%.

The gem & jewellery sector accounted for 14% of India’s total merchandise exports in FY 2011-2012.

• The growth in the sector was primarily driven by Gold Jewellery which registered an increase of 30% in FY ’12. The exports grew from INR 57747.67 crores (US$ 12695 million) in 2010-2011 to INR 79430.26 crores (US$ 16517 million) in 2011-2012.

• Diamond: Cut and Polished Diamonds (CPD) witnessed a decline of 17.3% with exports decreasing from US$ 28217 million in 2010-2011 to US$ 23329 million in 2011-2012.

• Gemstones: Colored gemstone exports witnessed an increase of 9.10% in dollar terms with sector recording growth from US$ 314.20 million in 2010-2011 to US$ 342.80 million in 2011-2012.

• UAE was the largest exporting destination with 44% of Exports to the market, followed by Hong Kong with 25% and USA with 12% of exports.

Mr. Rajiv Jain, Chairman, GJEPC said,” We are happy that keeping with the govt. objective of reducing the trade deficit, imports of cut and polished diamonds have dipped post the introduction of 2% import duty on cut & polished diamonds in mid-January 2012. However an increase in import figures of rough diamonds indicates stable growth of trade at the manufacturing level and growth in exports.” “We can note the trend in the 1st quarter of April-June 2012. This trend is positive and will help achieve higher value addition and maintain trade balance in months to come”, he added.

During January to March 2012 Import of polished diamonds showed a substantial decline of more than 70% in a month post introduction of 2% duty on C&PD. There is a decline of 30% in FY 2011-12 as compared to the previous year, in the annual figure. It is expected that the total import of polished diamonds at US$14.3 bn in 2011-12 may eventually come down significantly in 2012-13.

Retail Gold Jewellery Industry

In absence of a strong buying reason, overall sales of diamond and gold jewellery has remained subdued. After Akshaya Tritiya, the industry struck work for 21 days which resulted in loss …Read the rest of this entry »

Indian Silver Jewellery Exports likely To Go Up By 35% In FY 2013

Silver: A brief

Prior to the 18th Century, silver was found primarily in the homes of the nobles or in the possession of churches and temples in the form of chalices, crosses and altar appointments. At that time, most silversmiths were subsidized by either one of the royal households or by some local Bishop. The new wealthy middle-class permitted a number of silversmiths to support themselves as independent craftsman. In the early 1700′s, the social revolution and the economic development on which it was based, made the silver craftsman an important man in his town.

Articles of sterling silver are solid silver through and through. Sterling is 925 parts out of a thousand pure. As per a federal law which requires that all silver stamped “sterling” must be 925 parts of pure silver in every thousand parts of metal. The additional 75 parts out of a thousand are to add stiffness and durability as pure silver is quite soft.

The word “sterling” has been used to mean high-quality silver since the 1200′s. At that time, the coins of England had decreased in value and contained only a little silver. The only European …Read the rest of this entry »