KOLKATA: Gold imports have dropped drastically in June to 40 tonne from 162 tonne in May but the export of diamond and diamond jewellery is showing an upward trend courtesy a revival in demand in the United States. After a gap of two years, jewellery exporters are witnessing orders coming from the US for jewellery and the units operating in Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai are flooded with enquiries.
The US jobs data for June has also sparked a fresh hope among jewellers. The US economy added a net 195,000 new jobs in June, official figures show. The figure is well above economists' expectations of 165,000.
"Jewellers are expecting a 25%-30% growth in the US market in the current fiscal. The US is gradually coming out of recession and this is reflected in the enquiries that are coming from the country. We are seeing this sort of a demand after a gap of almost two years," said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council.
An increase in exports of gem and jewellery is a good news for the government which is trying hard to control the rising current account deficit (CAD) by curbing gold imports through a slew of measures. But for jewellery exporters, the government is ready to walk an extra mile.
Shah said Union commerce minister Anand Sharma has held a meeting with jewellery exporters and assured them of a steady supply of gold for exports. "He said that if any nominated agencies fail to supply gold, he would take action against them," Shah said.
The jewellery units operating in SEEPZ are receiving a good flow of orders. Rajeev S Pandya, past president, SEEPZ Gems & Jewellery Manufacturers Association, said: "There has been an improvement in order position from June end. The industry had organised a jewellery show in Las Vegas in early June. The samples shown there have been well accepted by customers and they have started placing orders.
These are orders for the Christmas season. Some of the units in SEEPZ have their hands full while some have started receiving orders from the US. The US is compensating for the loss in Europe." The Europe market is still reeling under a crisis and jewellers do not see an immediate recovery in that market.
"However, the West Asia and China markets are showing a good growth," said Shah.
Source:-economictimes.indiatimes.com
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