GJEPC to discuss silver shortage impacting India's jewellery exports

The Gem & Jewellery Export Promotion Council (GJEPC) will soon meet silver jewellery exporters and retailers to take stock of silver scarcity before raising the issue with the government, as the shortage could impact India's silver jewellery exports.Silver prices surged ₹6,000 to hit a lifetime high of ₹1,85,000 per kg (inclusive of taxes) Tuesday, in the run-up to the festive and wedding season.Silver prices have soared by ₹95,300 or 106.24% in the current calendar year."There is a tremendous shortage of supply, which will impact our exports of silver jewellery. We are speaking to stakeholders and will shortly call a meeting of silver jewellery exporters and retailers," said GJEPC chairman Kirit Bhansali.India's provisional export of silver jewellery was up 17.43% on-year at $596.41 million in the first six months of the current fiscal year.Silver's industrial use is in high-end tech, electronics, solar panels and batteries. In September, the US added silver to its list of essential minerals, leading to large shipments being diverted there, a move that further tightened global supplies."There is no supply at present. It is affecting our silver jewellery exports. Unnecessarily high premium is being charged on the metal," said an exporter.Due to a surge in silver imports from certain Asean countries, especially Thailand, the government last month restricted imports of silver and unstudded jewellery till March 31, 2026, which were free earlier.These restricted products include articles of jewellery and parts of precious metal of silver and unstudded and other jewellery.

from Economic Times https://ift.tt/QmJTBVc

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