INDIA’S GEM & JEWELLERY EXPORTS SHINE THROUGH GLOBAL CHALLENGES, GREW 2.48% IN FY 2022-23 TO RS. 300462.52 CRORES

18th April 2023

For the FY 2022-23, the overall gem & jewellery exports grew 2.48% to Rs. 300462.52 crores as compared Rs. 293193.19 crores for the same period previous year. In terms of US dollars, the overall gem & jewellery exports accounted for US$ 37468.66 million as compared US$ 39331.71 million for the same period last year.

Gold Jewellery exports grew 11.13% to Rs. 75635.72 crores
Plain Gold Jewellery exports grew 17.22% to Rs. 33177.86 crores
Studded Gold jewellery grew 6.79% to Rs. 42457.87 crores
Cut & Polished diamond exports declined 2.97% to Rs. 176696.95 crores
Polished Lab Grown Diamond export grew 37.31% to Rs. 13466.42 crores
Silver Jewellery exports grew 16.02% to Rs. 23492.71 crores
Coloured Gemstones grew 45.44% to Rs. 3373.43 crores

Congratulating the Government of India for achieving $770 billion in exports during 2022-23, Vipul Shah, Chairman of GJEPC, analyzed the performance of the gem & jewellery industry and said, “India’s gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the USA, the Russia-Ukraine war, and the lockdown in China for almost 6 months, a key market, the industry has managed to put up a commendable performance. The overall gems & jewellery exports grew 2.48% to Rs. 300462.52 crores as compared to last year. Timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce & Industry, has resulted in a remarkable 17% growth in exports of plain gold jewellery in 2022-23. India’s major export markets remained USA, Hong Kong and UAE.”

For the period of April 2022 – March 2023:

For the period of April 2022 – March 2023, the overall gross exports of Cut & Polished diamonds at Rs. 176696.95 crores (US$ 22044.58 million) declined 2.97% (declined 9.78% in terms of US dollar) compared to the same period in the previous year which was Rs. 182111.14 crores (US$ 24433.75 million).

Talking about the decline in cut & polished exports, Vipul commented, “Global challenges affected the demand for diamonds in India’s key markets, including USA and China. But certain regions in Europe and South-East Asia fared well. India encountered difficulties due to inconsistent Russian rough diamond supply and challenges with beneficiation, as countries such as Namibia, Botswana, and Angola prefer to have their rough diamonds cut in their own countries.”

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.

For 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).