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Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation. Gold hallmarking, a purity certification of the precious metal, was voluntary in nature so far.
The gems and jewellery exports grew by 6.04% to $12.55 billion during April-July this fiscal as against $11.8 billion in the same period of 2019-20, on the back of the continued recovery in key export markets like the US, China and Hong Kong, The Gem and Jewellery Export Promotion Council (GJEPC), said on Monday.
During July, the exports rose by 18% to $3.36 billion. The gems and jewellery exports stood at $3.87 billion in April-July 2020-21. The export figures for 2021-22 were compared to the numbers of 2019-20, as the comparison with pandemic-hit 2020-21 will not show the true picture of export growth in the sector due to the low base effect.
GJEPC Chairman Colin Shah said that with the continued recovery in global markets, rise in disposable income of consumers, forthcoming festive season at domestic and international markets, there are expectations that exports would grow further in the coming months.
He also added that “we are optimistic that our flagship show, IIJS Premiere in September and IGJS in October, held in Dubai, would further improve the sentiment in the global market”.
“Exports growth is majorly attributed to the renewed consumer sentiments, especially in the USA with the recent announcement of a Covid-19 stimulus package of $1.9 trillion to speed up the USA’s recovery from the economic and health effects of the pandemic,” he added.
Exports of Silver much better as compared to Gold
Cut and polished diamond exports have registered a growth of 27% to $8.52 billion during the first four months of this fiscal, compared to $6.7 billion in the same period of 2019-20. However, gold jewellery shipment dipped by 38.5% to $2.41 billion. Silver jewellery exports, though, increased to $843 million.
“These exports have continued to be buoyant on account of the exports of silver jewellery studded with diamonds and shift in preferences of consumers in international markets from expensive precious metal – gold base jewellery to relatively lower-priced precious metal base i.e. silver,” Shah said.