Colin Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC), on Wednesday, said that phenomenal growth was seen in all sectors except for plain gold jewellery.
The gold and jewellery sector has been doing well, especially this is the quarter that saw numbers continue to increase. So while the domestic demand has been strong, but the numbers from Gem & Jewellery Export Promotion Council (GJEPC) suggests that the export of jewellery numbers have also been rising quarter-on-quarter (QoQ) and year-on-year (YoY) as well.
“Exports witnessed 16 percent growth on October 2021 compared to 2019. We are not comparing with last year because it was the low year for the whole sector because of the pandemic (COVID-19) globally,” Shah said in an interview to CNBC-TV18.
Also Read: Dhanteras 2021: Can’t afford gold jewellery? Here’s how and where to buy digital gold at just Re 1
On numbers, he said, “Polished diamonds grew at 31 percent, which is phenomenal. In studded jewellery we have seen 60 percent growth, silver has grown 100 percent. However, the only spot which is down is the plain gold jewellery because the Gulf has not recovered yet. So except for plain gold jewellery we have seen phenomenal growth in all our other sectors.”
Also Read: For India’s jewellery biz, this quarter could be the best of the decade: World Gold Council’s Somsundaram PR
“Our main market is America, which is 50-60 percent of our jewelry exports and certain fragmentation happening between Gulf, Europe; Australia is an important market for us. So every other company is between 5 percent and 10 percent where our exports go in the developed nations, but America continues and will be, for the foreseeable future, our main market,” said Shah.
For the entire interview, watch the video