India's plain gold jewellery exports keep rising post India- UAE CEPA
India’s exports of plain gold jewellery have risen following the implementation of the India- UAE Comprehensive Economic Partnership Agreement on May 1 this year, spelling good news for jewellery exporters.
The total gross export of plain gold jewellery increased by 24.22% to reach Rs 2,591.67 crore in the month of July, 2022, according to data published by the Gem and Jewellery Export Promotion Council on its website. This represents a 16.28% increase in dollar terms to total $325.59 million.
During the April to July 2022 period, provisional gross export of plain gold jewellery grew by 29.29% to Rs 10,293.55 crore, representing a 22.98% increase in dollar terms to $1.3 billion, according to the GJEPC. This figure is up from Rs 7,961.63 crore during the same time period last year.
“We are seeing good traction in plain gold jewellery exports post the CEPA signed with UAE,” said GJEPC chairman Colin Shah, the GJEPC reported. “We hope to see the successful conclusion of similar FTAs with the UK and Canada soon, which will further boost exports from India. There is consistent, robust demand for jewellery from key global markets. The next few months will be a crucial period for exporters as they get into high gear to fulfil holiday season orders. The strong performance at the recently concluded IIJS show in Mumbai and the upcoming IGJS in Dubai later this year will further give a fillip to exports.”
However, overall gem and jewellery exports for the month of July decreased by 0.97% to Rs 24,913.99 crore, a 7.28% drop in dollar terms to $3.1 billion, compared to Rs 25,157.64 crore in July last year.
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