Millennials Prefer Silver Over Gold, Says Gems And Jewellery Export Promotion Council
Silver exports increase 38.6 percent to Rs 26,920.5 crore in FY17: GJEPC
Silver jewellery exports from India jumped more than 30 percent in the last financial year as millennials prefer it over gold, Praveen Shankar Pandya, chairman of the Gems And Jewellery Export Promotion Council (GJEPC), told BloombergQuint.
India, which is one of the world’s largest gems and jewellery exporters, shipped jewellery worth more than Rs 2.38 lakh crore in the last financial year. It is expected to grow in double digits in financial year 2018, according to GJEPC’s estimates.
The biggest contributor to exports continues to be cut and polished diamonds, which grew at 12.32 percent year-on-year. The U.S. was the biggest importer, buying Rs 1.52 lakh crore worth of the precious stones.
“Diamond exports have been the reason of growth. They have clocked about 10.24 percent and you know the American economy has revived, that is one of the major reasons (for the exports to rise),” said Pandya.
The United Arab Emirates continues to be the biggest importer of gems and jewellery from India, followed by Hong Kong and then the U.S., according to the data released by the GJEPC.