October 2024 Marks a Revival in Cut & Polished Diamond Exports with Double-Digit Growth: GJEPC
15th November 2024
India’s gem and jewellery exports has made strides in October 2024, marking a turning point with positive growth in multiple product categories, notably cut and polished diamonds, gold Jewellery (plain & studded), and polished lab-grown diamonds. In October 2024, the overall gross exports of gems and jewellery reached USD 2,998.04 million (Rs. 25,194.41 crores), marking a growth of 9.18% in dollar terms and 10.23% in rupee terms, compared to USD 2,746.09 million (Rs. 22,857.16 crores) in October 2023. This increase underscores the industry’s resilience amid challenging global market conditions.
Growth in Cut & Polished Diamond Exports
Cut & Polished Diamonds led the recovery in October 2024, with overall gross exports reaching USD 1,403.59 million (Rs. 11,795.83 crores), marking a growth of 11.32% in dollar terms and 12.39% in rupee terms compared to USD 1,260.91 million (Rs.10,495.06 crores) in October 2023. This growth highlights a renewed demand for India’s finely crafted diamonds, re-establishing the industry’s foothold after previous months of decline.
Statement from Shri Vipul Shah, Chairman, GJEPC
Commenting on the growth in exports, Shri Vipul Shah, Chairman, GJEPC, said, “This is a welcome relief for our industry, as we’ve experienced export growth of 9.18% in October. Notably, the export of cut and polished grew 11.32% compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery. Furthermore, the GJEPC is making concerted efforts to expand into new markets while strengthening demand in existing ones.”
Optimism with Geopolitical Developments
Shah further added, “With President Donald Trump’s election, we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy, which we believe will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery.”
Gold Jewellery Exports Show Positive Growth
Gold Jewellery (Plain & Studded) exports also performed well in October 2024, achieving an 8.8% growth in dollar terms and a 9.83% increase in rupee terms, with exports valued at USD 1,124.52 million (Rs. 9,449.37 crores), up from USD 1,033.61 million (Rs. 8,603.33 crores) in October 2023. This growth underscores strong demand for Indian gold jewellery in global markets.
Performance of Plain and Studded Gold Jewellery
In October 2024, Plain Gold Jewellery saw a slight dip, with exports marginally down by 0.64% in dollar terms and showing a minimal increase of 0.3% in rupee terms, totaling USD 447.45 million (Rs. 3,759.92 crores) compared to USD 450.35 million (Rs. 3,748.52 crores) in October 2023.
Growth in Studded Gold Jewellery Exports
The total export of Studded Gold Jewellery in October 2024 reached USD 677.07 million (Rs. 5,689.45 crores), showing a growth of 16.08% in dollar terms and 17.19% in rupee terms compared to USD 583.26 million (Rs. 4,854.81 crores) in October 2023. This growth highlights the strong demand for studded gold jewellery in global markets.
Polished Lab-Grown Diamonds Show Modest Growth
The provisional gross export of Polished Lab-Grown Diamonds for the period October 2024 totaled USD 138.12 million (Rs. 1,160.70 crores), showing a growth of 1.27% in dollar terms and 2.25% in rupee terms compared to USD 136.38 million (Rs. 1,135.16 crores) in October 2023.
Cumulative Export Performance (April 2024 – October 2024)
The cumulative exports of gems and jewellery for the period April 2024 to October 2024, reached USD 16,583.68 million (Rs. 1,38,757.7 crores), reflecting a decline of 9.1% in dollar terms and 7.89% in rupee terms compared to USD 18,243.91 million (Rs. 1,50,649.43 crores) during the same period last year.
Cut & Polished Diamonds Export Performance (April – October 2024)
For the period April 2024 to October 2024, Cut & Polished Diamonds exports totaled USD 8,313.86 million (INR 69,558.49 crores), reflecting a decline of 16.56% in dollar terms and 15.42% in rupee terms compared to USD 9,963.53 million (Rs. 82,238.07 crores) during the same period last year.
Growth in Gold Jewellery Exports (April – October 2024)
The provisional gross export of total Gold Jewellery (Plain & Studded) for the period April 2024 to October 2024 reached USD 5,874.24 million (Rs. 49,153.55 crores), showing a growth of 5.73% in dollar terms and 7.07% in rupee terms compared to USD 5,555.95 million (Rs. 45,906.88 crores) during the same period last year.
Performance of Plain and Studded Gold Jewellery (April – October 2024)
The provisional gross export of Plain Gold Jewellery for the period April 2024 to October 2024 totaled USD 2,354.38 million (Rs. 19,699.01 crores), showing a decline of 4.8% in dollar terms and 3.6% in rupee terms compared to USD 2,473.19 million (Rs. 20,434.3 crores) during the same period last year.
The provisional gross export of Studded Gold Jewellery for the period from April 2024 to October 2024 totaled USD 3,519.85 million (Rs. 29,454.53 crores), reflecting a growth of 14.18% in dollar terms and 15.63% in rupee terms compared to USD 3,082.76 million (Rs. 25,472.58 crores) during the same period last year.
Polished Lab-Grown Diamonds Export Performance (April – October 2024)
The provisional gross export of Polished Lab-Grown Diamonds for the period April 2024 to October 2024 totaled USD 766.59 million (Rs. 6,414.23 crores), showing a decline of 7.9% in dollar terms and 6.69% in rupee terms compared to USD 832.36 million (Rs. 6,874.35 crores) during the same period last year.
Decline in Silver Jewellery Exports (April – October 2024)
The provisional gross export of Silver Jewellery for the period April 2024 to October 2024 totaled USD 649.56 million (Rs. 5,436.68 crores), showing a decline of 21.30% in dollar terms and 20.34% in rupee terms compared to USD 825.31 million (Rs. 6,824.87 crores) during the same period last year.
Growth in Platinum Jewellery Exports (April – October 2024)
The provisional gross export of Platinum Jewellery for the period April 2024 to October 2024 totaled USD 99.72 million (Rs. 834.21 crores), showing a growth of 3.54% in dollar terms and 4.81% in rupee terms compared to USD 96.31 million (Rs. 795.91 crores) during the same period last year.
Decline in Coloured Gemstones Exports (April – October 2024)
The provisional gross export of Coloured Gemstones for the period April 2024 to October 2024 totaled USD 258.31 million (INR 2,162.54 crores), showing a decline of 13.97% in dollar terms and 12.77% in rupee terms compared to USD 300.25 million (INR 2,479.1 crores) during the same period last year.
About The Gem and Jewellery Export Promotion Council (GJEPC):
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10000+ members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
