India's jewellery exports increase by 10% year-on-year in April to August period

By

Isabelle Crossley

Published
Sep 16, 2022

Jewellery exports from India increased by 10.16% year-on-year in rupee terms (4.4% in dollar terms) in the April to August period this year. Polished lab grown diamonds experienced record growth, up 64.06% year-on-year. 

Gross exports of plain gold jewellery increased by 28.73% year-on-year to total Rs 13,302.52 crore in the April to August period this year, the Gem and Jewellery Export Promotion Council reported on its website. All kinds of studded gold jewellery also saw double digit growth at 23.11% to total Rs 17,714.51 crore. Silver jewellery exports increased by 33.2% to Rs 10,594 crore during the same time period. 
 
“Since the last two months, the cut and polished diamond exports have been largely affected due to slowdown in the Chinese economy caused by ongoing lockdowns,” said GJEPC chairman Vipul Shah. “In addition, the Russia-Ukraine conflict is affecting diamond exports to some extent. However, the cumulative growth in gems and jewellery for the period April – August 2022 is attributed to the robust performance of plain gold jewellery and studded jewellery, which witnessed a growth of 28.73% to Rs 13,302.52 crore and 23.11% to Rs 17,714.51 crore respectively, post the signing of the India-UAE CEPA. Moreover, silver and lab-grown diamonds continue with their strong growth due to high demand from the US and other major markets.”

Gemstones performed particularly well with exports increasing year-on-year by 50.66% to Rs 1,271.13 crore. The past few years has seen Indian lan grown diamonds grow in popularity at home and abroad and this trend so showing no signs of slowing down with polished lab grown diamond exports at Rs 5,981.65 crore, up 64.06% year-on-year. 
 
Due to the export totals from April to August, the GJEPC is confident that India is on track to achieving its industry wide export target of $46 billion for the 2023 financial year. The gem and jewellery industry saw export grow of 6.7% year-on-year in the month of August, although cut and polished diamond exports dropped by 0.84% in the month.