Summary of Gem and Jewelry Export Trends in FY 2023-24
1. Growth in Plain Gold Jewelry Exports Exports of Plain Gold Jewelry experienced substantial growth, increasing by 61.72% to US$ 6792.24 million compared to the previous fiscal year.
2. Rebound in Total Gold Jewelry Exports After a decline of 10.47% in the first half of the fiscal year, total Gold jewelry exports rebounded strongly, achieving a growth rate of 46.91% in the latter half.
3. Emergence of UAE as a Major Market The UAE emerged as a significant market for plain gold jewelry exports from India, with a remarkable growth rate of 107.2%.
4. Growth in Other Markets Australia also witnessed significant growth of 37% in plain gold jewelry exports, attributed to the India-Australia ECTA.
5. Performance of Other Jewelry Categories
- Gross exports of total Gold Jewelry (both Plain & Studded) grew by 16.75%.
- However, the overall gross exports of Gems & Jewelry declined by 14.45%.
- Cut & Polished diamond exports decreased by 27.58%.
- Platinum Jewelry exports showed robust growth, soaring by 449.16%.
- Gross export of Coloured Gemstones increased by 14%, while Silver Jewelry exports declined by 44.97%.
- Gross export of Polished Lab Grown Diamonds also declined by 16.54%.
6. Concerns and Challenges There are concerns regarding ongoing conflicts in the Middle East that may impact exports in the first quarter of FY 2024-25.
7. Efforts to Boost Exports Efforts to boost exports include participation in international shows and organizing Buyer-Seller Meets to connect with international buyers.
Conclusion Despite facing challenges such as economic downturns and geopolitical concerns, the gem and jewelry industry demonstrated resilience and proactive engagement with the government. While certain segments experienced declines, others, such as Plain Gold Jewelry and Platinum Jewelry, showed remarkable growth. Efforts to explore new markets and enhance trade agreements indicate a commitment to sustained growth in the future.
Disclaimer: Jewel Bharat aims to provide accurate and reliable information. Readers are encouraged to contact@jewelbharat.com to report any concerns regarding the content. Appropriate corrective measures, including potential removal of the article from the website, will be taken following investigation.
