Gems and jewellery exports see 20% growth in May

Last year, gems and jewellery exports stood at US$ 2.89 billion

June 20, 2022

Gold jewellery exports in May 2022 grew by 50.11% to US$ 681.47 million

Cut and Polished Diamonds (CPD) grew by 10.04% to US$ 2,089.17 million

Coloured gemstone exports grew by 106.91% to US$ 75.99 million

Polished lab-grown diamonds witnessed a growth of 105.58% to US$ 325.45 million

India’s gems and jewellery exports witnessed a year-on-year (yoy) growth of 20% to US$ 3.28 billion during May ‘22, with demand from key markets, according to a statement from the Gem and Jewellery Export Promotion Council (GJEPC).

Last year, gems and jewellery exports stood at US$ 2.89 billion, as per the statement.

According to the statement, gold jewellery exports in May 2022 grew by 50.11% to US$ 681.47 million. During the same period, Cut and Polished Diamonds (CPD) grew by 10.04% to US$ 2,089.17 million, coloured gemstone exports grew by 106.91% to US$ 75.99 million, and polished lab-grown diamonds witnessed a growth of 105.58% to US$ 325.45 million.

Gross exports of gems and jewellery during April-May ‘22 grew by 10.08% to US$ 6.65 billion, compared to US$ 6.28 billion in the same period last year. 

According to experts, May 2022 has seen consistent growth of gems and jewellery exports to many of India’s key markets, including the US which accounted for US$ 2.58 billion, Hong Kong for US$ 1.38 billion, UAE for US$ 810.16 million, and Belgium for US$ 441.37 million.

The experts further added that the government has increased the export target by 17% to US$ 45.7 billion for FY23.