India‘s Gem & Jewellery Exports Succeed Despite Global Challenges, Growing 2.48% to Rs. 300462.52 crores in FY 2022–23
- Exports of gold jewellery increased 11.13% to Rs. 75635.72 crores.
- Exports of pure gold jewellery increased 17.22% to Rs. 33177.86 crores.
- Jewellery made of studded gold increased 6.79% to Rs. 42457.87 crores.
- Exports of cut and polished diamonds fell by 2.97% to Rs. 176696.95 crores.
- Exports of polished lab-grown diamonds increased 37.31% to Rs. 13466.42 billion.
- Exports of silver jewellery increased 16.02% to Rs. 23492.71 crores.
- To Rs. 3373.43 crores, coloured gemstone sales increased 45.44%.
The total value of gem and jewellery exports for the FY 2022–23 increased by 2.48% to Rs. 300462.52 crores from Rs. 293193.19 crores during the same time in the previous year. Global gem and jewellery exports totaled US$ 37468.66 million in dollars, down from US$ 39331.71 million during the same time period last year.
Thanking the Indian government for achieving $770 billion in exports in 2022–2023, The Chairman of the GJEPC, Vipul Shah, evaluated the performance of the gem and jewellery sector and noted that it had displayed “remarkable resilience and perseverance in the face of global challenges.” The industry has managed to put up a great performance despite inflation in the USA, the Russia-Ukraine war, and the lockdown in China for about 6 months, a vital market. In comparison to the prior year, the total exports of gems and jewellery increased by 2.48% to Rs. 300462.52 crores. The Ministry of Commerce & Industry’s timely implementation of the India–UAE Comprehensive Economic Partnership Agreement (CEPA) has led to a remarkable 17% increase in the export of plain gold jewellery in 2022–2023. India’s major export markets remained USA, Hong Kong and UAE.”
Between April 2022 and March 2023:
In comparison to the same time the year before, when the total gross exports of cut and polished diamonds were Rs. 182111.14 crores (US$ 24433.75 million), they decreased by 2.97% (decreased 9.78% in terms of US dollars) to Rs. 176696.95 crores (US$ 22044.58 million).
Vipul said in response to the drop in cut and polished exports, “Global problems hurt the demand for diamonds in India‘s important markets, notably the USA and China. South-East Asia and several parts of Europe, however, did well. As nations like Namibia, Botswana, and Angola prefer to have their rough diamonds cut in their own countries, India faced issues due to the erratic Russian supply of rough diamonds as well as difficulties with beneficiation.
Vipul added, “However, stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia.”
For the period of April 2022 – March 2023, provisional gross export of total Gold Jewellery at Rs. 75635.72 crores (US$ 9423.31 million) grew 11.13% (3.22% in terms of US dollars) over the comparative figure of Rs. 68062.41 crores (US$ 9129.71 million) for previous year.
For the period of April 2022 – March 2023, provisional gross export of Plain Gold Jewellery at Rs. 33177.86 crores (US$ 4128.57 million) grew 17.22% (8.74% in terms of US dollars) over the comparative figure of Rs. 28303.37 crores (US$ 3796.70 million) for previous year.
For the period of April 2022 – March 2023, provisional gross export of all kinds of Studded Gold jewellery at Rs. 42457.87 crores (US$ 5294.74 million) grew 6.79% (declined 0.72% in terms of US dollars) over the comparative figure of Rs. 39759.04 crores (US$ 5333.01 million) for previous year.
For the period of April 2022 – March 2023, provisional gross export of Polished Lab Grown Diamonds at Rs. 13466.42 crores (US$ 1679.98 million) grew 37.31% (27.85% in terms of US dollars) over the comparative figure of Rs. 9807.56 crores (US$ 1313.98 million) for the previous year.
Referring to the steady progress of Lab-grown diamonds, Vipul Shah, remarked that this emerging sector has shown consistent growth in recent years. From April 2022 to March 2023, LGD exports have surged by 37.31% to Rs. 13466.42 crores. He also noted that the Indian government’s research grant of ₹242 crore to IIT Madras, spread over five years, would support the development of local manufacturing technology in the industry. Additionally, the elimination of customs duty on LGD seeds, previously at 5%, would enable India to establish global leadership in the complete production cycle of lab-grown diamonds and jewelry manufacturing.
\r\nFor the period of April 2022 – March 2023, provisional gross export of Silver Jewellery at Rs. 23492.71 crores (US$ 2932.12 million) grew 16.02% (8.03% in terms of US dollars) over the comparative figure of Rs. 20248.09 crores (US$ 2714.14 million) for the previous year.
For the period of April 2022 – March 2023, provisional gross export of Platinum Jewellery at Rs. 237.73 crores (US$ 29.74 million) grew 10.01% (2.49% in terms of US dollars) over the comparative figure of US$ 29.01 million (Rs. 216.09 crores) for previous year.
For the period of April 2022 – March 2023, provisional gross export of Coloured Gemstones at Rs. 3373.43 crores (US$ 419.63 million) grew 45.44% (34.83% in terms of US dollars) over the comparative figure of Rs. 2319.41 crores (US$ 311.21 million) for previous year.
Export Performance in March 2023:
In the month of March 2023, the overall gross exports of Gems & Jewellery at Rs. 21501.96 crores (US$ 2612.65 million), declined 23.75% (declined 29.39% in terms of US dollars) compared to the same period in the previous year, which amounted to Rs. 28198.36 crores (US$ 3699.90 million).
The overall gross export of Cut & Polished diamonds in the month of MAR 2023 at Rs. 13207.10 crores (US$ 1604.67 million), declined 27.68% (declined 33.05% in terms of US dollars) compared to the same period in the previous year, which was Rs. 18263.16 crores (US$ 2396.96 million).
In the month of March 2023, the total gross export of Gold Jewellery at Rs. 5769.24 crores (US$ 701.26 million), grew 4.24% (declined 3.44% in terms of US dollars) compared to the same period in the previous year, which was Rs. 5534.53 crores (US$ 726.27 million).
The total gross export of Plain Gold Jewellery in the month of March 2023 at Rs. 2760.02 crores (US$ 335.56 million), indicated a growth of 27.27% (or 17.86% in terms of US dollars) compared to the same period in the previous year, which was Rs. 2168.70 crores (US$ 284.70 million).
In the month of March 2023, the total gross export of Studded Gold Jewellery at Rs. 3009.22 crores (US$ 365.70 million), declined 10.60% (declined 17.18% in terms of US dollars) compared to the same period in the previous year, which was Rs. 3365.83 crores (US$ 441.57 million).