- Impact on exports due to suspension of manufacturing operations during Diwali festivities
Exports of gems and jewelery declined marginally in November. India’s overall gem and jewelery exports in November fell by 4.21 per cent year-on-year to Rs. 17,784.92 crore (2, 2,384 million), according to the Promotion Council (GJEPC). Total exports during November 2020 were Rs. 18,565.31 million (2, 2,582.39 million).
Exports have declined due to a decline in manufacturing activity during Diwali. “The performance of jewelery like India by 2021 and the performance of jewelery exports has been much better this year than last year. The USA, the world’s largest jewelery consumer, has increased its purchases from India this year. We expect exports to reach 41 41.65 billion in the current financial year. The target was GJEPC chairman Colin Shah.
He further said that there was a slight decline in shipments on an annual basis due to a decline in manufacturing activity during Diwali in November. The provisional total exports of color gems for the April-November period also increased by Rs. 755.2 crore (USD 101.56 million) compared to Rs. 1,480.96 crore (USD 199.7 million), an increase of 96.1 per cent.
Demand for reduction in import duty on precious metals
GJEPC has recommended some policy reforms to the government for consideration in the Union Budget 2022-23, including reduction in import duty on cut and polished diamonds, gold and other precious metals and tax provisions to allow rough sales. Happens. Diamonds in the Special Notified Zones of Mumbai and Surat, which will help the industry achieve its export target of 70 70 billion over the next few years. Meanwhile, exports of cut and polished diamonds (CPD) in November rose by Rs. 12,212.79 crore (USD 1645.19 million), down 20.41 per cent to Rs. 9,719.72 crore (USD 1,302.78 million).
gold jewelery rose 38 per cent and silver by 20 per cent. Total exports of gold jewelery rose 38.24 per cent to Rs. 5,286.23 crore in the corresponding period of the previous year. 3,823.82 crore (USD 515.38 million). For the period April-November 2021, the provisional total export of silver jewelery was Rs. 10,419.33 crore (USD 1,400.04 million for the corresponding period of the previous year). 12,552.39 crore (USD 1,691.86 million), an increase of 20.47 per cent.