Surat: Growth in India’s gems and jewelery exports amid global challenges
In the financial year 2022-23, there has been an increase of 2.48% in the export of gems and jewelery to Rs 300462.52 crore, which was recorded at Rs 293193.19 crore in the same period last year. The total gems and jewelery exports in US Dollars were recorded at US$ 37468.66 million as against US$ 39331.71 million in the same period last year.
Congratulating the Government of India on achieving the export target of $770 billion in FY 2022-23 and analyzing the export performance of Gems and Jewelery Vipul Shah, Chairman, GJEPC said that “Indian Gems and Jewelery industry has risen to the global challenges. Despite this, it has given a commendable performance. Despite inflation in America, war between Russia-Ukraine, continuous lockdown in China for 6 months, the Indian gems and jewelery industry has performed commendably in achieving its target. The total gross export of gems and jewelery has registered a growth of 2.48% to Rs.300462.52 crore this year as compared to the previous financial year. Due to the timely implementation of CEPA between India and UAE by the Ministry of Commerce and Industry, plain gold exports to UAE have seen a growth of 17% in the financial year 2022-23. The main markets of India are America, Hong Kong and UAE. ,
For the period April 2022 – March 2023
For the period April 2022 – March 2023, the total gross exports of cut and polished diamonds are expected to decline by 2.97% (a decline of 9.78% in US dollar terms) to Rs. 176696.95 Crore (US$ 22044.58 Million), a decline has been recorded from Rs. 182111.14 crore (US$ 24433.75 million) was recorded at Rs. Talking about the decline in exports of cut and polished diamonds, Vipul Shah shared his view that, “Global challenges affected the demand for diamonds in major markets including India, USA and China. But Europe And some regions in South-East Asia did well. India faced difficulties due to inconsistent Russian rough diamond supplies and challenges with profitability, as countries such as Namibia, Botswana and Angola export their rough diamonds to their countries. They prefer to do cuttings in countries only.
• Gold jewelery exports up by 11.13% to Rs 75635.72 crore
• Export of plain gold jewelery increased by 17.22% to Rs.33177.86 crore
• Export of studded gold jewelery declined by 2.97% to Rs 176696.95 crore
• Export of Polished Lab Grown Diamonds increased by 37.31% to Rs.13466.42 crore
• 16.02% growth in silver jewelery exports to Rs 23492.71 crore
• Export of Colored Gemstones increased by 45.44% to Rs.3373.43 Crore
Vipul Shah further added, “However, stability will return to the diamond sector in the coming months, especially in China and Far East Asia. For the period April 2022 – March 2023, the provisional gross export of gold jewelery is Rs 75635.72 Crore (US$ 9423.31 million), an increase of 11.13% (3.22% in US dollar terms) from Rs.68062.41 crore (US$ 9129.71) million recorded in the previous year.
For the period April 2022 – March 2023, the provisional gross exports of plain gold jewelery increased by 17.22% (8.74% in US$ terms) to Rs 33177.86 Crore (US$ 4128.57 Million). 28303.37 crores (US$3796.70 million) has been recorded in the previous year.
For the period April 2022 – March 2023, the provisional gross exports of all types of studded gold jewelery registered a growth of 6.79% (decrease of 0.72% in US$ terms) to Rs 42457.87 Crore (US$ 5294.74 Million) from Rs. 39759.04 Crore (US$ 5333.01 Million) for the year.
For the period April 2022 – March 2023, the provisional gross exports of Lab Grown Diamonds stood at Rs 13466.42 Crore (US$ 1679.98 Million), a growth of 37.31% (27.85% in US Dollar terms). 9807.56 crore (US$1313.98 million) was recorded for the previous year.
On the increasing business of Lab Grown, GJEPC President Vipul Shah said that Lab Grown Diamond is a fast recovering sector. An increase of 37.31% has been registered in the export of lab grown from April 2022 to March 2023 to Rs 13466.2 crore. IITs have been given a grant of Rs 242 crore by the Government of India for the next 5 years to do research on lab grown, which will prove to be helpful in developing manufacturing technology at the local level. The removal of custom duty on lab grown diamond seeds, which was earlier 5%, is also a commendable step. This will help India to complete the production cycle of lab grown-diamonds globally and gain leadership as a jewelery manufacturing.
For the period April 2022 – March 2023, the provisional gross exports of silver jewelery stood at Rs 23492.71 crore (US$ $ 2932.12 million), a growth of 16.02% (8.03% in US$ terms). 20248.09 crore (US$ $ 2714.14 million) was recorded for the previous year.
For the period April 2022 – March 2023, the provisional gross exports of platinum jewelery registered a growth of 10.01% (2.49% in US$ terms) to INR 237.73 Crore (US$29.01 Million) from US$ 29.01 Million last year (Rs. 216.09 crore was recorded).
For the period April 2022 – March 2023, the provisional gross export of colored gemstones is Rs. 3373.43 Crore (US$ 419.63 Million) from Rs 2319.41 Crore (US$ 311.21 Million) last year, registering a growth of 45.44% (34.83% in $ terms).
Export performance in March 2023
In the month of March 2023, the total gross exports of Gems and Jewelery declined by 23.75% (a decline of 29.39% in US$ terms) from Rs. $3699.90 million).
The total gross export of cut and polished diamonds in March 2023 is Rs. 13207.10 Crore (US$ 1604.67 Million), registering a decline of 27.68% (a decline of 33.05% in US$ terms) as compared to Rs 18263.16 Crore (US$ 2396.96 Million) registered in the previous year.
In the month of March 2023, the total gross exports of Gold Jewelery registered a growth of 4.24% from Rs 5769.24 Crore (US$ 701.26 Million) to Rs 5534.53 Crore (US$ 726.27 Million) in the same period last year.
The total gross export of Plain Gold Jewelery in March 2023 is Rs. 2760.02 crore (US$ 335.56 million), indicating an increase of 27.27% (or 17.86% in US dollar terms) from Rs. 2168.70 crore (US$ 284.70 million) at Rs.
In the month of March 2023, the total gross exports of studded gold jewelery stood at Rs.3009.22 crore (US$ 365.70 million), a decline of 10.60% (a decline of 17.18% in US$ terms) from Rs. 3365.83 crore (US$ 441.57 million).
