MUMBAI: The country's gems and jewellery exports have registered a 12.89 per cent and 21.58 per cent growth in the rupee and USD terms respectively in the first quarter ended June 30, despite a sharp rupee appreciation against the dollar in the last six months.
According to figures released by the Gems and Jewellery Export Promotion Council (GJEPC) here, the provisional net exports of gems and jewellery stood at Rs 18,398.55 crore in April-June this year as compared to Rs 16,298 crore in the same period last year.
The gems and jewellery exports escaped the rupee appreciation because of slew of factors. The fact that this sector is import-centric actually helped, said Sanjay Kothari, Chairman of GJEPC, adding that as much as 75 per cent of the raw material needed is imported. India is the largest importer of the rough diamonds.
Besides, unlike sectors such as textiles and leather which incurred higher input costs due to rising rupee, the remittances and payments by the industry are done in dollars, thus avoiding perils of rupee appreciation.
The gold prices have significantly gone up compared to last year's prices too, affecting the prices gems and jewellery.
Exports in USD terms improved from $3,623.12 million to $4,405.08 million in the quarter ended June 2007.
Gold jewellery exports, however, remained stagnant at Rs 3,034.43 crore as compared to Rs 3,020.44 crore. Exports of gold jewellery from export promotion zones increased from Rs 1,483.1 crore to Rs 2,243.60 crore in Q1 FY 2008.
The exports of cut and polished diamonds stood at Rs 12,056.46 crore in the quarter as against Rs 10,810.17 crore in the year-ago period, contributing significantly to the growth of the sector.
Exports of coloured gemstones showed a marginal improvement at Rs 223.52 crore as compared to Rs 222.90 crore, while exports of non-gold jewellery, pearls and synthetic stones jumped 80 per cent at Rs 304.95 crore from Rs 169.33 crore in the corresponding period last year.
Exports of rough diamonds, however, declined by 9.55 per cent at Rs 535.58 crore in Q1 FY08 as against Rs 592.16 crore in the same period last year.
Rough diamonds exports in dollar terms declined by 2.59 per cent at $128.23 million as against USD 131.64 million, the GJEPC, the apex body of gem and jewellery industry, said.
The country has imported rough diamonds worth Rs 10,435.56 crore in the quarter as compared to Rs 9,852.72 crore in the same period last year.
Gold bar imports have come down by 29.56 per cent to Rs 1,122.16 crore as against Rs 1,593.05 crore.
The imports of cut and polished diamonds have showed a sharp jump of 84.32 per cent at Rs 3,919.62 crore as against Rs 2,126.56 crore in the year-ago period.
The overall net imports of gem and jewellery increased by 16.21 per cent at Rs 16,449.04 crore during the quarter as against Rs 14,154.59 crore in Q1 of FY07.
In FY07, gem and jewellery exports amounted to Rs 77,180.28 crore ($17.1 billion).
Source: indiatimes
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