MUMBAI (Commodity Online): High prices of gold in India--the largest marketplace for the yellow metal in the world--seem to be hurting the export of precious metal. Though gold jewellery exports from India have been surging in the last few years, they have suddenly fallen in the month of December, 2010.
Exporters and jewellers said that export enquiries from major India gold buying nations like the United Nations have slowed down thanks to the high price of gold.
According to the provisional figures from the Gems and Jewellery Export Association of India, export of gold jewellery for the period December 2010 at US$ 498.01 million (Rs. 2,249.02 crores) shows decline of 8.05% (-10.95% in rupees term) over the comparative figure of US$ 541.63 million (Rs. 2,525.63 crores) for December 2009.
The overall exports of gems and jewellery at US$ 3,303.71 million (Rs 14,919.54 crores) in the month of December 2010 is showing a growth of 70.49% (65.11% in rupees term) as compared to US$ 1,937.80 million (Rs. 9,035.97 crores) of same period previous year.
The overall export of cut and polished diamonds at US$ 2,492.32 million (Rs. 11,255.32 crores) in the month of December 2010 is showing a growth of 91.48% (+85.44% in rupees term) as compared to US$ 1,301.63 million (Rs. 6,069.50 crores) for the same period of previous year.
The export of coloured gemstones at US$ 17.46 million (Rs. 78.87 crores) shows a growth of +15.48% (+11.85% in rupees term) during December 2010 as compared to US$ 15.12 million (Rs. 70.51 crores) in December 2009.
