New Delhi, May 9 (KNN) India’s gross exports of gold jewellery rose by 24.36% to USD 12.03 billion in fiscal year (FY) 2019 while exports of cut and polished diamonds remained virtually steady (down by a marginal 0.39% to USD 23.82 billion), according to Gems and Jewellery Export Promotion Council (GJEPC).

Though total overall exports across all product segments were up 5.08% in rupee terms, they were down 3.12% to USD 39.68 billion as compared to exports of USD 40.96 billion in FY18.

Chairman of GJEPC Pramod Kumar Agrawal said, “Despite all the macro-economic and geopolitical challenges, India’s exports of gems & jewellery in FY19 have shown positive growth thanks to the initiative and enterprise of our exporters. The strong double-digit growth in gold jewellery exports is heartening.”

The impact of currency fluctuations was also apparent across most other segments. Gold jewellery exports which were up 24.36% in dollar terms, showed a 34.66% rise in rupee terms, while polished diamond exports rose 8.94% in rupee terms, but were only up 0.39% in dollar terms, it added.

Export of cut & polished diamonds dropped in volume terms to 30.28 million carats in FY19 as compared to 34.86 million carats in FY18.

Among other segments of the trade, exports of costume & fashion jewellery rose 4.88% to US$ 67.49 mn in FY19; exports of gold medallions & coins declined substantially to USD 876.40 million; exports of coloured gemstones stood at US$ 396.89 million; of silver jewellery at USD 837.81 million and of synthetic stones at USD 225.70 million.

Total imports across all categories fell 16.17 % to USD 26.41 billion in FY19 from USD 31.50 billion in FY18.

Imports of rough diamonds declined 16.75% in FY19 to USD 15.72 billion from USD 18.89 billion last year while volume of imports dropped to 165 million carats in FY19 as compared to 187.66 million carats in FY18.

While the US, Hong Kong, UAE, China and Belgium were the major export destinations for polished diamonds, the US, UAE, Hong Kong and China were important destinations for jewellery exports. India is the largest supplier of jewellery to the US, accounting for 16% of total demand.