Silver Jewelry export growth in India outpaced gold in Dec 2014

The gold jewelry exports from India remained almost flat year-on-year at $ 554.45 million (Rs. 3,479.17 Crore) in Dec 2014 while its silver jewelry exports surged higher by 26.68% year-on-year to $148.49 million, in accordance with the latest data released by the Gems and Jewellery Export Promotion Council (GJEPC).

 

According to GJEPC, country's cut and polished diamond exports in Dec ‘14 reached $1,451.75 million, increasing marginally by 1.33% over the previous year. The country’s exports of Coloured Gemstones surged by 10.82% from $19.15 million in Dec ‘13 to $20.94 million in Dec ‘14. The exports of Pearls too soared to $0.30 million from $0.08 million a year ago. The exports of Synthetic stones increased sharply by 16.35% from $7.40 million in Dec 2013 to $8.61 million in Dec 2014.

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GOLD JEWELLERY DEMAND HIGHEST SINCE 2005

Gold jewellery has made a strong start in 2014, with global demand in the first quarter reaching its highest volume in a decade.

Although the World Gold Council’s Gold Demand Trends: First quarter 2014 report described the three per cent increase in gold jewellery demand to 570.7 tonnes as “modest growth”, it also stated that this was the largest recorded first quarter volume since 2005.

This boost in demand was primarily attributed to lower gold prices; the average price in United States dollars was 21 per cent lower than in the previous year.

The drop in gold price was echoed in other markets with European and Chinese consumers said to have particularly benefited from a similar lower-price environment. The strengthening economic situation was also noted as a contributing factor.

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