Plain gold jewellery exports grew by 61.72% to US$ 6792.24 million in FY 2023/24

The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach USD 4,528.66 million in FY 2023-24, compared to USD 2,185.67 million in the previous year. Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports Australia also witnessed a growth of 37% in plain gold jewellery exports attributing its growth to the India-Australia ECTA.

Speaking about the increase in plain gold jewellery exports Vipul Shah, Chairman, GJEPC, said, “The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the Govt. The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand .” Gross export of total Gold Jewellery (both Plain & Studded) for the FY 2023-24 grew 16.75% to US$ 11230.18 million over the comparative figure of US$ 9618.80 million for previous year.

Vipul Shah added, “GJEPC has been actively working with the Government to implement favourable policies in the forthcoming trade agreements, notably those with GCC, Canada, UK, and EU. I am confident that this proactive engagement will have a positive impact on the exports of gem and jewellery to these nations in the coming months.”

The overall gross exports of Gems & Jewellery in FY 2023-24 declined 14.45% to US$ 32285.85 million compared to US$ 37737.05 million in the preceding period.

“The point to be noted here is the decline in gross gem and jewellery exports, which stood at 25.04% in the first half of the financial year, narrowed to just 1.60% in the second half, showcasing the industry’s resilience and ability to bounce back even in challenging times.” said Shah.

Vipul Shah further said “With the objective to tap and penetrate new markets, GJEPC made concerted efforts to explore new markets through delegations to Vietnam, Cambodia etc and now a delegation to Latin American countries is planned in May to give fillip to exports.”

Cut & Polished diamond exports in FY 2023-24 decreased by 27.58% to US$ 15967.02 million compared to US$ 22047.72 million in the previous year.

“The diamond industry’s decision to voluntarily halt natural rough diamond imports from October 15th to December 15th, 2023, helped address demand-supply imbalances and resulted in a positive impact on the prices of polished diamonds as we entered the Q4 of the financial year.” Shah added.  

 “⁠GJEPC is discussing with Global Diamond miners to increase investments in enhancing generic promotion of diamonds and diamond jewellery in the US, China, Middle East including India.” Vipul Shah added

The largest jewellery fair of the USA is in end May and we are hopeful that this fair will mark the turnaround of US exports. It is expected that by September 2024 the diamond and diamond jewellery exports will witness robust growth.

As always, GJEPC is ensuring that exporters stay connected with international buyers by organizing Buyer-Seller Meets and participating in international shows. This year, GJEPC is participating in a total of 15 international shows across different parts of the world, providing maximum exposure to our exporters and helping to boost exports.