India’s gems, jewellery exports up by 11.83% in Nov FY23

India’s gems and jewellery exports increased by 11.83% to US$ 2,429.86 million in November FY23, compared to the same month last year, due to the resumption of manufacturing activities after Diwali, according to a report by the Gem and Jewellery Export Promotion Council (GJEPC). In November 2021, the exports stood at US$ 2,380.97 million.

According to the report, Hong Kong exported US$ 5,781.90 million and the USA exported US$ 9,211.39 of gems and jewellery from India between April to November 2022.

In November this year, the overall gross export of Cut and Polished Diamonds (CPD) increased by 4.97% to US$ 1,248.41 million, compared to US$ 1,302.78 million in November 2021. Additionally, the provisional gross export of Polished Lab-Grown Diamonds grew by 60.08% to  US$ 1,227.77 million, compared to US$ 819.76 million for the same period last year.

As per the report, the total export of gold jewellery (plain and studded) increased by 15.93% to US$ 746.03 million. In November 2021, it stood at US$ 705.83 million. On the other hand, the provisional gross export of silver jewellery increased by 37.98% to US$ 2,177.62 million. It stood at US$ 1,687.38 million in the same period, last year.

From April to November 2022, the provisional gross export of coloured gemstones increased by 41.32% to US$ 263.86 million, compared to US$ 199.59 million in the same period, 2021.

The report further added that the provisional total export of platinum jewellery increased by 28.81% to US$ 25.02 million in the April-November period of this year, compared to US$ 20.83 million in the same period, last year.

By signing up for more Free Trade Agreements with other countries, India can greatly increase its Gems & Jewellery exports. 

Source: Business Standard