India may export Rs 19,800-cr jewellery in Oct | SupportBiz

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India may export Rs 19,800-cr jewellery in Oct

 
After observing enhanced exports over the last couple of months, the Gems and Jewellery Export Promotion Council (GJEPC) has said on November 4 that, India’s overseas sales of gems and jewellery may increase by 36 per cent in October this year on easing of supply pressures, reports PTI.

This year’s October exports of gems and jewellery is likely to touch Rs 19,800 crore against Rs 14,475 crore achieved in the same month last year, said GJEPC. Gold jewellery dominated the shipments; other items were diamonds, coloured gems and precious stones.

“In October, we expect exports to jump by 15 per cent from the level that prevailed in previous two months (August—September) because of resumption in gold supply and increased festival orders,” the Gems and Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah told PTI. Shah attributed good demand prior to Christmas sales to be the reason for increased exports.

India has sent maximum number of shipments to countries like the US, Europe, the UAE and Hong Kong. Shah hopes that, the number will increase once the government clarifies gold supply norms for export purpose. “With shipments expected to gain momentum in the coming months, we hope to see total gems and jewellery exports to remain flat at last year’s level of $39 billion (Rs 2,12,638 crore),” Shah said.