October 11, 2022
The category has witnessed an increase in exports by 16.66% at US$ 3765.51 million in September this year
On a Year-To-Date basis (YTD), provisional gross export of plain gold jewellery rose by 19.53% to US$ 2085.69 million this year
The sector has achieved 45% of its annual export target of US$ 45.7 billion for FY23
Polished Lab-Grown Diamonds on a YTD basis rose by 60.55% to US$ 943.63 million
India’s overall gross exports of gems and jewellery increased by 6.31% to US$ 20580.11 million between April-September FY23, compared to US$ 19359.01 million for the same period in FY22, according to a report from Gem & Jewellery Export Promotion Council (GJEPC).
According to the report, the category has witnessed an increase in exports by 16.66% at US$ 3765.51 million in September this year, compared to US$ 3227.63 million for September 2021. During the same period this year, the provisional gross export of total gold Jewellery (plain & studded) grew by 17.62% to US$ 4956.380 million. During the same period last year, the provisional amount stood at US$ 4213.95 million.
Regarding the rate of exports on a Year-To-Date basis (YTD), provisional gross export of plain gold jewellery rose by 19.53% to US$ 2085.69 million this year, compared to US$ 1744.87 million for the same period in 2021.
According to media reports, exports said that after the India-UAE Comprehensive Economic Partnership Agreement (CEPA), plain gold jewellery has continued to witness growth at an average rate of 19.43%. They further added that lab-grown diamond exports continue to have a positive run.
As per the experts, the sector has achieved 45% of its annual export target of US$ 45.7 billion for FY23 and at its pace in the second half of this year, the entire target can be achieved.
Exports of Cut & Polished diamonds from April to September 2022 by 11.97% to US$ 2134.91 million as compared to US$ 1906.72 million in the same period in 2021. Provisional gross export of Polished Lab-Grown Diamonds on a YTD basis rose by 60.55% to US$ 943.63 million, compared to US$ 587.76 million for the same period last year.
The GJEPC report said that provisional gross exports of Studded Gold jewellery in April-September FY23 rose by 16.27% to US$ 2870.69 million, compared to US$ 2469.08 million for the same period in 2021. Studded Gold jewellery exports in September this year went up by 12.39% to US$ 561.89 million, compared to US$ 499.96 million in September 2021.
Provisional gross export of coloured gemstones rose by 45.63% to US$ 209.27 million, compared to US$ 143.7 million for the same period last year.
On the other hand, the provisional gross export of Silver Jewellery from April to September 2022 rose by 34.27% to US$ 1746.11 million, compared to US$ 1300.41 million for the same period last year. Platinum Jewellery’s exports for April to September 2022 increased by 43.32% to US$ 19.5 million, compared to US$ 13.6 million for the same period in FY22.
Source: Economic Times