update 1-india gold jewellery exports climb, set to keep rising - gold jewellery set
* Gold jewellery shipments rose in the second month * with more banks allowing gold imports * some Indian jewellers open stores abroad * exports fell by about 40 pct in the last fiscal year (
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Mumbai, April 30. Reuters)-
India's gold jewelry exports rose for the second straight month as raw material supplies improved after the central bank allowed more banks to import gold, an upward trend that industry insiders said would continue.
In an expanding trade deficit, India last year imposed a record 10% tariff on gold purchases overseas.
The biggest expenditure on import bills
This hit exports of gold jewellery, which had fallen by about 40% in shipments as of the fiscal year.
But the country shipped $992.
Gold jewelry worth 3 million rose 6 in the third quarter. 1 percent year-on-
Commission for the promotion of export of gemstones and jewellery (GJEPC)said.
It exported $718.
Jewelry valued at 36 million in February.
Indian jewellers such as jitanghali gems, Malabar Gold and Kalyan jewelers have opened stores abroad to limit sales declines caused by import rules.
"Demand is also considerable, so exports are growing. . .
We are releasing new designs and moving into new markets to boost exports, "said Rajesh Mehta, chairman of Rajesh export, which mainly ships jewelry to Dubai.
"I expected to jump 10-
India's gold jewellery exports are 12% this fiscal year . "
Several government officials, including the governor of the Reserve Bank of India, Raghuram Rajan, have hinted that import restrictions will be phased out as the current account deficit is controlled, the move is likely to coincide with the formation of a new government after the election at the end of this month.
After allowing more banks to import gold, gold imports almost doubled to 50 tons, which many see as the first step in easing strict import restrictions.
The number of gold jewelry shipped in India is directly related to the country's imports after the enforcement of so-
Known as the 80/20 rule in July, the fifth of all gold imports was forced to be exported.
"Export prospects are very optimistic as supply difficulties disappear," vice president Pankaj Kumar Parekh
Chairman GJEPC told Reuters.
India's gold jewelry exports fell 39. $ 6% to $7.
Exports for the previous fiscal year were $86 billion, while total gem and jewellery exports fell by 11% to $34. 75 billion.
Exporters are following the results of the country's general election, with the main opposition party, the BJP, opposing restrictions on gold imports.
At the same time, silver jewellery exports increased by 58 in the 12 months ended March 2014. Between $ 6% and $1.
Industry officials are expected to grow by 46 million year on year.
"There is a huge demand (for silver)
In the international market, we expect silver jewelry exports to flourish . "(
Editor Michael Perry and Joseph Radford)