Exports of gems and Jewellery grew by 4.4% to reach US$ 16695.56 million from April to August FY23, per a media release by Gem and Jewellery Export Promotion Council (GJEPC). The provisional gross export of total gold Jewellery (plain and studded) increased by 18.8% to reach US$ 3964.740 million compared to US$ 3337.37 million for the same period last year.
The total gross export of gold Jewellery (plain and studded) grew by 16.74% to reach US$ 372.76 million as compared to US$ 319.32 million for the same last year. From April to August 2022, the provisional gross export of plain gold Jewellery grew by 21.85% to US$ 1699.33 million. The provisional gross exports of all kinds of studded gold jewellery surged by 16.61% to US$ 2265.42 million in April-August 2022 compared to US$ 1942.8 million for the same period last year.
According to the report, the total gross export of all studded gold jewellery increased by 0.42% in August 2022 in dollar terms to US$ 460.20 million as compared to US$ 458.25 million in August 2021. The provisional gross export of silver jewellery and coloured gemstones for April to August 2022 reached US$ 1354.91 million and US$ 162.68 million respectively. In the same period, the provisional gross export of platinum jewellery grew by 30.78% to reach US$ 15.06 million.
However, in August 2023, the gem and jewellery exports declined by 0.54% to US$ 3316.08 million as compared to US$ 3334.12 million for the same period last year. This decline is attributed to a reduction in the exports of cut and polished diamonds. In the same month, the overall gross export of cut and polished diamonds also declined by 7.48% to reach US$ 1879.74 million. From April to August 2022, the overall gross exports of cut and polished diamonds reduced by 3.68% to US$ 10080.52 million.
As per the chairman of GJEPC, the exports of cut and polished diamonds have been impacted by a slowdown in the Chinese economy due to the lockdowns. The Russia-Ukraine conflict has also hurt exports. However, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) deal has had a positive impact on the cumulative export growth, especially in the plain gold jewellery and studded jewellery segments which reached INR 13302.52 crores and INR 17714.51 crores respectively. The silver and lab-grown diamonds segments continue to witness a strong demand from the US and other major markets.
Courtesy by.
Ministry of External Affairs
URL – https://indbiz.gov.in/gems-jewellery-exports-grow-by-4-4-from-april-august-fy23/
