Jewelry Export up 49 Percent in Second Quarter Thi

black and white jewelry sets |By Amit Saxena on October 09, 2010
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The export of coloured gemstones at US$ 28.66 million (in rupees 133.48 crores) shows a growth of 14.05 percent (9.89 percent in rupees term) during August 2010 as compared to US$ 25.13 million (rupees 121.47 crores) in August 2009.

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Meanwhile in the domestic market, figures from the World Gold Council (WGC) show gold jewellery demand in India grew 67 percent at 272.5 tonnes in the first half of 2010 and in value terms almost doubled to Rs. 45,700 crore. In all likelihood, the current price levels will test the consumers' seemingly boundless appetite for gold.

According to the provisional statistics pertaining to the exports of gems and jewellery for the period of August 2010 as compared to the same period last year, the overall exports of gems and jewellery at US$ 3,155.14 million (Rs 14,693.49 crores) is showing a growth of 67.44% (61.31% in rupees term) as compared to US$ 1,884.30 million (Rs 9,108.72 crores) of same period previous year.

The provisional export of gold jewelry for the period August 2010 at US$ 527.04 million (rupees 2,454.44 crores) shows a growth of 49.61 percent (44.13 percent rupees term) over the comparative figure of US$ 352.27 million (rupees 1,702.89 crores) for August 2009. The figures clearly suggests that gold jewelry exporters are making good profits with the huge demand from across the globe.

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Export of gold jewellery from India, the largest consumer of the yellow metal in the world grew by 49 percent in the second quarter this fiscal.

The overall export of cut and polished diamonds stands at US$ 2,301.77 million (Rs 10,719.32 crores) in the month of August 2010, a growth of 65.24% (59.19% in rupees term) as compared to US$ 1,392.99 million (Rs 6,733.70 crores) for the same period of previous year.

In India, gold demand picks up between August and October, when consumers buy bullion for auspicious reasons to celebrate festivals, which peak with the Diwali festival in November. The wedding season in October-December will further add to increase in gold jewelry sales. Though, gold investors might wait a little for correction in the gold prices.

Rising gold prices failed to curb its demand in India. Gold buying has gained momentum with a good monsoon – which boosts agriculture output and income for farmers along with a strong rupee and would continue during the festive season. The economy, too is looking good.