Thursday, January 31st 04:00 PM IST

Silver jewellery exports to hit new high in India

# India silver  # GJEPC  # silver prices  # gold exports  

Silver exports are likely to go up by 25-30% this year against $797 million a year ago while gems and jewellery exports are expected to rise 15% against $38.28 billion worth of overseas shipments in the previous year.

NEW DELHI(BullionStreet): After India announced series of tougher stands against the yellow metal, silver exports are likley to go up this year, analysts said.

India’s silver jewellery exports will take the lead from gold this year on imports curbs and also on facts that US and Europe prefer more of white metal jewellery to gold items due to a spike in gold prices and growing slowdown pressures.

According to Gems and Jewellery Export Promotion Council (GJEPC), shipments of gems and jewellery constituted 14% of India’s total exports, and employ 3.4 million workers, with the Middle East taking most of the market.

Silver exports are likely to go up by 25-30% this year against $797 million a year ago while gems and jewellery exports are expected to rise 15% against $38.28 billion worth of overseas shipments in the previous year.

The GJEPC expects robust sales from the United States, which contributed to 11% of exports.

The body, which represents more than 5,000 members, also hoped the government will reduce import duty on refined gold bars in the budget on 28 Feb.

India's silver jewellery exports for FY12 stood at Rs 3,681 crore against Rs 2,567 crore in FY11 while gold jewellery rose to Rs 45,960 crore as against Rs 35,269 crore previous fiscal year.

The demand for silver is expected to go up in India as well. India's silver imports may come down between 3,500 tonne and 4,000 tonne from last year's 4,800 tonne.

During 2011-12 , silver jewellery exports grew to 44% compared with gold jewellery export growth of 30%.

India, the biggest consumer of white metal jewellery, has found a new class of buyers in the West who will invest less than $100 in jewellery.

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