James and the jewelery industry in crisis: exports fall to the bottom

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Vietnam, Thailand's exports increased in large countries, while India declined

(Commerce Rep) Mumbai, Ta. October 10, 2019, Thursday

The crisis in India's gems and jewelery industry is steadily increasing. Due to the lack of proper SEZ policy in India as well as many problems of customs still prevailing in the US-China trade war fails to raise the Indian gems and jewelery industry, the exports of gems and jewelery declined by 6.4 percent in the April-September period of the current fiscal year. Was.

According to the James & Jewelery Export Promotion Council data, the export of jewelery during April-September last year stood at $ 1.8 billion. However, James & Jewelery's exports were weak in September, and those exports were down 8 percent to $ 8 million compared to $ 8 million.

James and Jewelery Export Promotion Council (GJEPC) Vice Chairman Colleen Shah said, "Indian industry is still facing major challenges and policy issues." India wanted to benefit from the trade war between the US and China, but India's gems and jewelery exports to major countries including the US have been hit due to lack of SEZ policy in India and many customs problems.

On the other hand, exports to countries such as Vietnam and Thailand have increased. In addition, India's Diamond certification has a very high GST rate of 5%, which has been introduced to the government to reduce it, but the industry has been hit with no change in this regard.

James & Jeweler's exports in the first six months of the month fell by 5.7 per cent to Rs 8.5 crore, compared to Rs 8.5 crore in September. James & Jeweler's exports during April-September 1 declined 5% to Rs. 1,3,3.5 crore, from Rs. 5,8.5 crore in the same period last year. CPD exports fell by 8 per cent to Rs 9.5 crore in September 1, compared to Rs 8.6 crore in September. CPD exports during April-September 1 have declined by 8.7% to Rs.

In the six months to April-September 1, the total exports of James & Jewelery decreased by 8% to $ 8.8 billion, compared to $ 1.8 billion. Cut-and-polished diamond-CPD exports fell 5.2 percent to $ 1.8 billion in September 1. That was $ 6 billion in September 1. Cut and polished diamond-CPD exports in April-September 1 declined 8% to $ 8.6 billion, compared to $ 1.8 billion.

Gold jewelery exports increased by 8.5 percent to $ 8 million in September. That was $ 9.5 million in September. Exports of gold jewelery declined by 8 percent to $ 8 billion from $ 1.8 billion in April to September 1, while silver jewelery growth increased by 5.5 percent in April to September 3, and CGS growth at 1.8. The percentage has dropped to $ 8 million.

During the April-September period, the labor force accounted for 5% of the country's total exports. Export growth in gold jewelery, colored gems and cut and polished diamonds has seen a decline in overall exports. The United States, Europe, Japan and China are the main export markets of gems and jewelery in India. About 8% of the country's gems and jewelery are exported to the United States.

On the other hand, imports from India's Gems and Jewelery during April-September 1 have declined by 8.7 percent to $ 1.8 billion. That was $ 5.5 billion in the April-September period. Rough Diamond's total imports in April-September 1 have declined by 8% to $ 1.8 billion, compared to $ 1.8 billion. The total imports of CPD have decreased by 8 percent to $ 8 million in April-September 1, compared to $ 8 million in April.

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