MUMBAI: Exports of plain gold jewellery from India in 2023-24 surged by an impressive 66% over 2022-23, as per data issued by the Gem & Jewellery Export Promotion Council (GJEPC) Monday.
The figure rose from Rs 56,330 crore as compared to Rs 33,765 crore the previous year. UAE, Bahrain and Australia were major markets that drove demand.
Gross export of total gold jewellery (both plain and studded) grew 20.51% to Rs 93,087 crore over Rs 77,247 crore.However, the overall gross export of gems and jewellery declined 11.66% to 2,67,374 crore as compared to Rs 3,02,673 crore.
The figure for coloured gemstones was rosier by 17.30% at Rs 3,961 crore over Rs 3,371 crore. Platinum gold jewellery also showed robust growth of 469% to Rs 1,354 crore over Rs 238 crore earlier.
The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107%. In fact UAE and Bahrain accounted for over 85% of India’s plain gold jewellery exports. Australia also witnessed a growth of 37%.
However, cut and polished diamond exports in 2023-24 decreased by 25.23% to Rs 1,32,132 crore where they earlier stood at Rs 1,76,722 crore. And the gross export of silver jewellery nearly halved — a 43% decline to Rs 13,427 crore from Rs 23,575 crore. Polished lab grown diamonds declined by 13.78% to Rs 11,612 crore as compared to Rs 13,469 crore.
Vipul Shah, chairman, GJEPC, said, “The increase in plain gold jewellery exports may be attributed to foreign trade agreements. The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges. There were economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand.”
Shah said, “This was a challenging year for exports owing to high interest costs, inflation and slackening of market demand in the USA and lower growth in China after Covid hit the gem and jewellery industry hard in the first half of the year. Also, the Ukraine war and uncertainty over import of rough diamonds from Russia worsened the scenario. With the objective to tap new markets, GJEPC sent delegations to Vietnam and Cambodia. And now a delegation to Latin American countries is planned in May to give fillip to exports.”
