The Gem & Jewellery Export Promotion Council (GJEPC) in its release on the annual performance of the Indian gem & jewellery sector has said that Gem and jewellery exports fell by a marginal 0.62% in financial year 2014-15, due to a 5.5% fall in outbound shipments of cut and polished diamonds, but the gold jewellery segment rebounded with a 17.8% rise. The export was $39.9 billion in 2014-15, as compared to $40.15 bn the previous year. However, in rupee terms, export rose marginally to Rs 243,885.8 crore from Rs 242,837 crore a year before.
The overall gross imports of Gems & Jewellery at $ 31470.78 million up by 1.29% (2.65% in Rs. term) as compared to $ 31071.18 million. In rupee terms it was worth Rs 192074.99 crores showing a growth of 2.65% compared to Rs. 187109.89 crores for the same period previous year.
The overall gross export of Cut & Polished diamonds stood at $ 23160.18 million, showing a decline of 5.46% as compared to $ 24498.48 million. In rupee terms the exports were worth Rs. 141514.28 crores, down by 4.50% to Rs 148185.20 crores for the same period of previous year, mainly due to decline in volume terms of the gross Import of rough diamonds. The gross imports of Cut & Polished diamonds stood at $ 6943.07 million up by 6.15% as compared to $ 6540.77 million for the same period of previous year. In rupee terms the growth was of 7.11% to Rs 42410.19 crores from Rs 39585.97 crores in the last fiscal.
The Indian gem & jewellery exports which forms nearly 13 per cent of India’s overall merchandise export made a contribution of $ 39898.81 million to India's coffers in terms of foreign exchange earnings. The downturn in China, unrest in West Asia, slowdown in Europe and the depreciation of the Russian ruble affected exports.