Resilient Growth in India's Jewellery Exports: Gold and Silver Lead the Way

Showcasing remarkable resilience, India's jewellery sector reported substantial growth in exports for April to May 2024
Resilient Growth in India's Jewellery Exports: Gold and Silver Lead the Way

India's gems and jewellery sector has showcased resilience and growth, according to the latest export performance data for April to May 2024. The overall gross exports of Gems & Jewellery during this period reached US$ 4691.58 million (Rs. 39123.07 crores), reflecting a slight decline of 5.94% in dollar terms (-4.56% in rupee terms). Despite global economic fluctuations, the sector's ability to maintain such significant figures underscores its stability and adaptability.

The period saw notable growth in specific segments such as Gold Jewellery (Plain & Studded) and Silver Jewellery, while Cut & Polished Diamonds experienced a decline of 15.54%, falling to US$ 2627.09 million (-14.32% to Rs. 21906.44 crores).

Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), commented on the performance: "India's gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth in categories such as Gold Jewellery and Silver Jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation and excellence to ensure sustained growth for the industry."

Shah added, "As the industry continues to navigate dynamic market conditions, GJEPC remains optimistic about the sector's long-term prospects, leveraging India's rich heritage and skilled workforce to capitalize on emerging opportunities."

Gold Jewellery Exports Surge

The provisional gross export of Total Gold Jewellery surged by 15.4% to US$ 1420.550 million (17.15% to Rs. 11846.93 crores), compared to US$ 1231.01 million (Rs. 10112.61 crores) during the same period the previous year. Within this category, Plain Gold Jewellery exports showed exceptional growth of 30.66%, reaching US$ 653.71 million (32.66% to Rs. 5451.68 crores), compared to US$ 500.3 million (Rs. 4109.55 crores) the previous year. This indicates a preference for timeless designs and purity.

Studded Gold Jewellery exports also saw a growth of 4.94%, totaling US$ 766.84 million (6.53% to Rs. 6395.25 crores), compared to US$ 730.71 million (Rs. 6003.06 crores) during the same period the previous year, signaling sustained interest in intricate and embellished pieces.

Silver Jewellery Shows Strong Growth

Silver Jewellery emerged as another bright spot, with exports growing by 22.47% to US$ 178.8 million (24.3% to Rs. 1491.01 crores), compared to US$ 145.99 million (Rs. 1199.5 crores) the previous year. This showcases the versatility and affordability of this category in the global market.

Other Segments

The Platinum Jewellery segment exhibited exceptional growth, with exports increasing by 72.94% to US$ 25.48 million (75.35% to Rs. 212.48 crores), compared to US$ 14.73 million (Rs. 121.17 crores) during the same period the previous year.

Conversely, Coloured Gemstones exports declined by 29.02% to US$ 63.2 million (-27.99% to Rs. 527.2 crores), compared to US$ 89.04 million (Rs. 732.12 crores) the previous year. Polished Lab Grown Diamonds also saw a decline of 15.5%, dropping to US$ 204.17 million (-14.32% to Rs. 1702.55 crores) from US$ 241.62 million (Rs. 1987.1 crores) the previous year.

In summary, while certain segments faced challenges, the robust growth in Gold and Silver Jewellery exports underscores the sector's resilience and the enduring appeal of Indian jewellery craftsmanship on the global stage.

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