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- Gross export of total gold jewellery (both plain and studded) for the fiscal year 2023-24 increased by 16.75%.
- The gross export of colored gemstones for FY 2023-24 increased by 14% to US$ 478.71 million.
- Platinum jewellery exports increased by 449.16% to US$ 163.48 million.
Plain Gold Jewellery exports increased by an amazing 61.72% in FY 2023-24 to US$ 6792.24 million, up from US$ 4199.96 million in FY 2022-23.
Total gold jewelry (plain and studded) experienced a 10.47% fall between April 2023 and September 2023, but recovered rapidly in the second half of the year, growing by 46.91%.
The UAE has emerged as a prominent market for simple gold jewellery exports from India, with a stunning 107.2% rise to USD 4,528.66 million in FY 2023-24, up from USD 2,185.67 million the previous year. The UAE and Bahrain markets accounted for more than 85% of India’s simple gold jewellery exports
Australia also saw a 37% increase in plain gold jewellery exports, attributed to the India-Australia ECTA.
Speaking on the increase in plain gold jewellery exports, Vipul Shah, Chairman of the GJEPC, said, “The increase in plain gold jewellery exports can be credited to the government’s pragmatic foreign trade agreements. The implementation of India-UAE CEPA could not have come at a better moment, especially given the industry’s numerous hurdles, including economic downturns in major export markets and growing geopolitical concerns, all of which contributed to a drop in demand.”
Gross exports of total gold jewellery (both plain and studded) increased by 16.75% to US$ 11230.18 million in FY 2023-24, compared to US$ 9618.80 million the previous year.
Vipul Shah stated, “GJEPC has been actively working with the government to establish advantageous policies in the impending trade agreements, particularly those with the GCC, Canada, the United Kingdom, and the European Union. I am certain that this proactive engagement will have a good influence for gem and jewellery exports to these countries in the coming months.
In FY 2023-24, overall gross exports of Gems & Jewellery fell 14.45% to US$ 32285.85 million, down from US$ 37737.05 million the previous year.
“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.” Shah remarked.
Vipul Shah went on to say, “The year was a challenging year for exports, owing to high interest rates, inflation, and a slowing of market demand in the United States, as well as lower growth in China after Covid hit the gem and jewellery industry hard in the first half of the year.” Furthermore, the Ukraine war and uncertainty about the entry of raw diamonds from Russia exacerbated the situation.”
“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 and polished diamond exports in FY 2023-24 fell by 27.58% to US$ 15967.02 million, compared to US$ 22047.72 million 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.
Despite sluggish demand for cut and polished diamonds in key export markets like the USA, Hong Kong, and UAE, they still accounted for significant exports of USD 5,598.81 million, USD 4,360.30 million, and USD 1,714.39 million, respectively. GJEPC is working with global diamond miners to increase investments in promoting diamonds and jewelry in the US, China, Middle East, and India. Vipul Shah added:
The largest jewellery fair in the United States will take place at the end of May, and we believe that this fair will signal a reversal in US exports. Diamond and diamond jewelry exports are predicted to increase significantly by September 2024.
Gross exports of silver jewellery fell 44.97% to US$ 1618.97 million in fiscal year 2023-24, compared to US$ 2942.20 million the previous year.
Gross exports of colored gemstones increased by 14% to US$ 478.71 million in fiscal year 2023-24, up from US$ 420.13 million the year before.
Platinum Jewellery exports increased by 449.16% to US$ 163.48 million in fiscal year 2023-24, compared to US$ 29.77 million the year before.
Gross exports of Polished Lab Grown Diamonds fell 16.54% to US$ 1402.44 million in fiscal year 2023-24, compared to US$ 1680.29 million the previous year.
However, the industry and sector are concerned about the continued crisis in the Middle East, which may have an influence on overall exports in the first quarter of fiscal year 2024–2025.
As always, GJEPC ensures that exporters maintain contact with foreign buyers by holding Buyer-Seller Meetings and participating in international trade events. This year, GJEPC will participate in 15 major fairs throughout the world, giving our exporters maximum visibility and helping to improve exports.