Export of gold jewellery from India, the largest consumer of the yellow metal in the world, is showing steady jump in each quarter.
According to the provisional statistics pertaining to the exports of gems and jewellery for the period of August 2010 as compared to the same period last year, the overall exports of gems and jewellery at US$ 3,155.14 million (Rs 14,693.49 crores) is showing a growth of 67.44% (61.31% in rupees term) as compared to US$ 1,884.30 million (Rs 9,108.72 crores) of same period previous year.
The overall export of cut and polished diamonds at US$ 2,301.77 million (Rs 10,719.32 crores) in the month of August 2010 is showing a growth of 65.24% (59.19% in rupees term) as compared to US$ 1,392.99 million (Rs 6,733.70 crores) for the same period of previous year.
The provisional export of gold jewellery for the period August 2010 at US$ 527.04 million (rupees 2,454.44 crores) shows a growth of 49.61 percent (44.13 percent rupees term) over the comparative figure of US$ 352.27 million (rupees 1,702.89 crores) for August 2009.
The export of coloured gemstones at US$ 28.66 million (in rupees 133.48 crores) shows a growth of 14.05 percent (9.89 percent in rupees term) during August 2010 as compared to US$ 25.13 million (rupees 121.47 crores) in August 2009.
Meanwhile in domestic market, figures from the World Gold Council (WGC) show gold jewellery demand in India grew 67 percent at 272.5 tonnes in the first half of 2010 and in value terms almost doubled to Rs. 45,700 crore. In all likelihood, the current price levels will test the consumers' seemingly boundless appetite for gold.
(SOURCE: SME Times News Bureau | 22 Sep, 2010)