Surging jewellery exports sign India is becoming preferred global exporter: GJEPC
Gem and jewellery exports grew by 20% year-on-year in May and the Gem and Jewellery Export Promotion Council believes this strong demand from key markets shows India is becoming the world’s preferred jewellery manufacturer.
Gem and jewellery exports as a whole totalled Rs 25,365.35 crore ($3.28 billion) in May 2022, up from Rs 21,156.1 crore ($2.89 billion) in May 2021. Categories which witnessed year-on-year growth included cut and polished diamonds, gold jewellery, coloured gemstones, and polished lab-grown diamonds, according to the GJEPC. Silver jewellery exports declined, however, by 6.63% year-on-year.
“I believe we’re witnessing India’s steady progress towards becoming the gem and jewellery manufacturer of choice for the rest of the world,” said GJEPC chairman Colin Shah, the Press Trust of India reported. “For instance, the April to May period has seen consistent export growth of our key markets, including the US which accounted for $2.58 billion, Hong Kong ($1.38 billion), UAE ($810.16 million), and Belgium ($441.37 million).”
The gem and jewellery’s high export performance in the 2022 financial year led the government to increase its export targets for the sector this year by 17%, according to the GJEPC. The target is now set at $45.7 billion in total gem and jewellery exports for the 2023 financial year.
“I am confident that the groundwork laid by trade agreements with UAE and Australia will help us in reaching this new target,” said Shah. “We remain proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict.”
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