Platinum gold jewellery exports jump 449% in FY24
Tue April 23 2024
Platinum gold jewellery and plain gold jewellery export figures announced on Monday for 2023-24 gave hope to the country’s gem and jewellery sector which is witnessing an overall drop in exports. Platinum gold jewellery exports grew by 449% in 2023-24 to US$ 163.48 million from US$ 29.77 million in the previous year.
Similarly, exports of plain gold jewellery surged 62% to US$ 6,792.24 million in FY24 compared to US$ 4,199.96 million in 2022-23, said the Gem and Jewellery Export Promotion Council (GJEPC). “The growth in platinum gold jewellery export is the result of rising prices of gold. The customers got diverted towards platinum. The increase in plain gold jewellery exports may be attributed to the foreign trade agreements (FTA). The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand,” GJEPC chairman Vipul Shah told TOI.
The UAE emerged as a significant market for plain gold jewellery exports from India, witnessing growth of 107.2% to reach US$ 4,528.66 million in FY 2023-24, compared to US$ 2,185.67 million in the previous year. Markets of UAE and Bahrain accounted for over 85% of India’s plain gold jewellery exports. Australia also witnessed a growth of 37% in plain gold jewellery exports attributing its growth to the India-Australia ECTA.
“Total gold jewellery (plain and studded), which experienced a 10.47% decline between April and September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%,” said GJEPC in a statement. According to jewellery manufacturers, the demand for platinum-gold jewellery was primarily driven by customers in the US and Japan.
“The younger generation is more experimentative in its preferences and this is true for both India and abroad. The preference for two-toned jewellery has increased significantly over the past one year and as a result, the demand for platinum-gold blended jewellery has increased. The alloy is more resilient to wear and tear and also has its precious metal value,” explained Manoj Soni, a member of Jewellers’ Association of Ahmedabad (JAA).
Gross export of plain and studded gold jewellery grew 16.75% in 2023-24 to US$ 11,230.18 million over the comparative figure of US$ 9,618.80 million for the previous year. Meanwhile, cut and polished diamond exports in 2023-24 decreased by 27.58% to US$ 15,967.02 million compared to US$ 22,047.72 million in the previous year.
The overall gross exports of gems and jewellery in 2023-24 declined 14.45% to US$ 32,285.85 million compared to US$ 37,737.05 million in the preceding period. Gross export of polished lab-grown diamonds for 2023-24 declined 16.54% to US$ 1,402.44 million over the comparative figure of US$ 1,680.29 million for the previous year.
Source: https://timesofindia.indiatimes.com/