Diamond, gold jewellery exports to US witness surge in Apr-Oct
tnn | Dec 26, 2018, 04:00 ISTSurat: India’s exports of cut and polished diamonds to the United States (US) have increased by around 22.10% from $4.45 billion recorded during April-October 2017 to US$5.43 billion in April-October 2018. However, exports of low-quality and small diamonds from the country to the US have decreased during the period.
Industry sources said the US is the largest consumer for low-quality and small diamonds, manufactured in India. However, consumer preference in the US has increased for bigger and good quality diamonds in 2018, resulting in increase of diamond exports.
According to data provided by Gems and Jewellery Export Promotion Council (GJEPC), exports of gold jewellery to the US market also witnessed an impressive growth of 13.13% from $867.87 million registered during April-October 2017 to $981.85 million during the same period in 2018. In the US, during the last three quarters (Q1-Q3 of 2018) around 80.3 tonnes of jewellery were demanded by consumers as against 76.7 tonnes during the same period last year, registering a growth of around 5%
India is a major sourcing partner of the USA for cut and polished diamonds and imports of diamonds in the USA from India have shown an impressive growth of 17.6% from US$6.56 billion during Q1 to Q3 in 2017 to US$7.71 billion in 2018
Though, imports of gold jewellery in the USA recorded a decline of 4.95%, its imports from India have risen by 7.39% to US$1 billion until Q3, 2018 from US$933.69 million recorded in the same period last year.
GJEPC chairman Pramod Kumar Agarwal said, “The US is the largest market for gems and jewellery of India. This time around, diamond and gold jewellery exports have registered a phenomenal increase. There is a rebound in American market and we are looking to close the year with double digit growth.”
Diamond industry analyst Aniruddha Lidbide said, “Consumer preference in the US for smaller and low-quality diamond is diminishing. This is the reason why the prices of diamonds in this category have fallen by almost 22 per cent. Many small and medium sized units in Surat process small and low-quality stones and that they are highly impacted due to the decrease in the demand from the US.”
Industry sources said the US is the largest consumer for low-quality and small diamonds, manufactured in India. However, consumer preference in the US has increased for bigger and good quality diamonds in 2018, resulting in increase of diamond exports.
According to data provided by Gems and Jewellery Export Promotion Council (GJEPC), exports of gold jewellery to the US market also witnessed an impressive growth of 13.13% from $867.87 million registered during April-October 2017 to $981.85 million during the same period in 2018. In the US, during the last three quarters (Q1-Q3 of 2018) around 80.3 tonnes of jewellery were demanded by consumers as against 76.7 tonnes during the same period last year, registering a growth of around 5%
India is a major sourcing partner of the USA for cut and polished diamonds and imports of diamonds in the USA from India have shown an impressive growth of 17.6% from US$6.56 billion during Q1 to Q3 in 2017 to US$7.71 billion in 2018
Though, imports of gold jewellery in the USA recorded a decline of 4.95%, its imports from India have risen by 7.39% to US$1 billion until Q3, 2018 from US$933.69 million recorded in the same period last year.
GJEPC chairman Pramod Kumar Agarwal said, “The US is the largest market for gems and jewellery of India. This time around, diamond and gold jewellery exports have registered a phenomenal increase. There is a rebound in American market and we are looking to close the year with double digit growth.”
Diamond industry analyst Aniruddha Lidbide said, “Consumer preference in the US for smaller and low-quality diamond is diminishing. This is the reason why the prices of diamonds in this category have fallen by almost 22 per cent. Many small and medium sized units in Surat process small and low-quality stones and that they are highly impacted due to the decrease in the demand from the US.”
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