GJEPC declares record surge: Plain gold jewellery exports skyrocket by 61.72% in FY 2023-24

In a remarkable achievement, exports of Plain Gold Jewellery surged by an impressive 61.72% to US$ 6792.24 million in FY 2023-24, compared to US$ 4199.96 million in FY 2022-23
GJEPC declares record surge: Plain gold jewellery exports skyrocket by 61.72% in FY 2023-24

The surge in plain gold jewellery exports contributed significantly to the overall growth in the sector, with the gross export of total Gold Jewellery (both Plain & Studded) witnessing a commendable increase of 16.75% to US$ 11230.18 million over the previous year.

"The rebound of total Gold jewellery exports, which experienced a 10.47% decline in the first half of FY 2023-24, underscores the resilience of the industry," remarked Vipul Shah, Chairman of GJEPC. "The pragmatic foreign trade agreements, particularly the India-UAE CEPA, played a pivotal role in boosting exports amidst economic downturns and geopolitical challenges."

Highlighting the significant markets, Shah noted, "The UAE emerged as a key market, experiencing a remarkable growth of 107.2% in plain gold jewellery exports from India. Additionally, the India-Australia ECTA contributed to a 37% growth in exports to Australia."

While the overall gross exports of Gems & Jewellery declined by 14.45% in FY 2023-24, the industry showcased resilience, narrowing the decline to just 1.60% in the second half of the financial year. Challenges such as high interest costs, inflation, and sluggish demand in key markets like the USA and China were mitigated by proactive measures and exploration of new markets.

Shah emphasized the importance of fostering international partnerships and expanding market presence, stating, "GJEPC's concerted efforts to tap into new markets have been instrumental. We are optimistic about the turnaround of diamond and diamond jewellery exports, with discussions underway to enhance promotions in key markets."

Despite concerns regarding the ongoing conflict in the Middle East, GJEPC remains committed to supporting exporters through various initiatives, including Buyer-Seller Meets and international show participation. With 15 international shows scheduled, GJEPC aims to provide maximum exposure to exporters and drive exports in FY 2024-25.

In addition to the surge in plain gold jewellery exports, notable increases were observed in Platinum Gold Jewellery exports (449.16%) and Coloured Gemstones exports (14%) in FY 2023-24, reflecting the industry's adaptability and resilience amidst evolving market dynamics.

The industry's proactive measures and collaborative efforts underscore its commitment to navigating challenges and driving sustainable growth in the global jewellery market.

Diamond World