Plain gold jewellery exports rise nearly 62%
Mon April 22 2024
For jewellery exports, all that glitters is gold. For the just concluded financial year 2023-24, exports of plain gold jewellery surged by an impressive nearly 62% to $6792.24 million as compared to just under $4,200 million in FY 2022-23.
According to data from Gem and Jewellery Export Promotion Council (GJEPC), total gold jewellery (plain & studded jewellery), which experienced a 10.5% decline between April 2023 to September 2023, rebounded strongly in the second half of the year, hitting nearly 47% growth.
Gross export of total gold jewellery (both plain & studded) for FY2023-24 grew by nearly 17% to $11,230 million over the comparative figure of $9619 million for the previous year. Gross export of coloured gemstones for the period were up 14% to $478.71 million while platinum jewellery exports have shown robust growth of 449% to $163.5 million in the same period, showed the stats.
The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing 107% growth to reach $4,528.66 million in FY2023-24, compared to $2,185.7 million in the previous year.
UAE and Bahrain markets accounted for over 85% of India’s plain gold jewellery exports, showed the data. Australia witnessed 37% growth of in plain gold jewellery exports. Vipul Shah, chairman, GJEPC, said, “The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the government including the implementation of India-UAE CEPA. GJEPC has been actively working with the government to implement favourable policies in the forthcoming trade agreements, notably those with GCC, Canada, UK, and EU.”
That push is needed because although gold is shining, overall gems and jewellery exports are not. Overall gross exports of gems & jewellery in FY 2023-24 declined 14.45% to $32286 million compared to $37737 million in the preceding period. However, the decline in gross gem and jewellery exports, “which stood at just over 25% in the first half of the financial year, narrowed to just 1.60% in the second half,” said Shah.
Exports were hit by slack demand in the US and China and the Ukraine war which caused uncertainty on import of rough diamonds from Russia, he added. Cut & polished diamond exports in FY2023-24 decreased by 27.6% to $15967 million compared to $22048 million in the previous year.
Source: https://timesofindia.indiatimes.com/