Vietnam gems, jewellery exports touch $ 1.027 billion in six months

General Statistics Office (GSO) has reported that the country earned $630 million from exporting gemstone, precious stones and jewelry in June, bringing total figure of first six months to $1.027 billion, down one third compared with the same period of 2010.
General Director of a big gold producer told the VnExpress that during first 15 days of this month, the jewellery export was equal to 10 tons of gold for nearly $500 million; majority of the jewelry has a gold content of below 99%. Thus, from the start of 2011 till June 15, estimated 20 tons of gold was exported.

Previously when the export tariff was 0%, traders perfered exporting jewelry with a gold content of over 99%. But now when the tariff on the kind of jewellery was raised to 10%, traders mainly deliver the jewelry with a conent of less than 99%.

The upward trend of jewelry export has emerged since April when the export of kind of commodity reached $86 million, a triple increase in March, which also surged to $242 million in May.

Last year the export of gemstone, jewelry and products brought in $2.855 billion, according to GSO data. Majority of them had high quality and were sold to Swiss partners.

Statistic of Swiss customs agency indicated that in 2010 alone, Vietnam exported almost 61 tons of gemstone to the country, equaling to a value of 2.6 billion franc ($2.8 billion). The gold volume shipped from Vietnam to Switzerland in 2009 achieved 54 tons for 1.9 billion franc. Exported jewelry was calaculated based on price of gold bar, which might be transferred to pure gold.

Specialists wondered export turnover could be “blown up” due to the emergence of gold export. June export turnover of Vietnam is estimated to gain $7.8 billion, growing $567 million month-on-month, lower than the increase in export of gemstone and jewelry. – Vietbiz24

Tags: Vietnam jewellery exports