Indian gem and jewellery exports increase 12.82% in first half of 2023 financial year: GJEPC
Indian plain gold jewellery gross exports increased by 26.92% in rupee terms to total Rs 16,395.42 crore in the first half of the 2023 financial year. Overall gross gem and jewellery exports also grew by 12.82% year-on-year to total Rs 161,545.06 crore, the Gem and Jewellery Export Promotion Council reported on its website.
The first half of the current fiscal saw cut and polished diamond exports increase by 4.71% year-on-year to total Rs 95,805.48 crore. Studded gold jewellery also performed well, with exports increasing by 23.43% to reach Rs 22,544.21 crore.
“With a robust growth of gem and jewellery exports in September, the last quarter of the year is expected to be more fulfilling as sales will be driven by holiday season and festivities,” said GJEPC chairman Vipul Shah, the GJEPC reported. “However, cut and polished diamond exports continue to remain flat, witnessing decline of 1.27% (in dollar) to $12,215.46 million for the period April to September 2022 as compared to the same period last year. On the other hand, plain gold jewellery has continued to gain traction with average growth of 19.43% (in dollar) post the India-UAE CEPA.”
From April to September 2022, the gem and jewellery industry has achieved 45% of its total export target for the year. The growth trajectory is showing few signs of slowing down as the month of September saw total monthly gem and jewellery exports increase by 27.17% year-on-year to Rs 30,195.21 crore.
“There are a few bottlenecks which if resolved would further boost the gem and jewellery trade between India and UAE,” said Shah. “Lab-grown diamond exports continue to have a positive run, focused measures will further strengthen LGD exports from India… The sector has achieved 45% of its annual export target of $45.7 billion for the year 2022-23 and I am confident that if the current momentum continues in the second half of the financial year, the sector is certain to achieve its set target.”
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