RESILIENT PERFORMANCE BY INDIA’S JEWELLERY SECTOR: SIGNIFICANT GROWTH IN GOLD JEWELLERY AND SILVER JEWELLERY EXPORTS

13th June 2024

India’s gems and jewellery sector continues to demonstrate resilience and growth, as highlighted by the latest export performance data for the period of April to May 2024. The overall gross exports of Gems & Jewellery during this period amounted to US$ 4691.58 million (INR 39123.07 crores), showcasing a commendable performance. While this reflects a slight decline of 5.94% (-4.56% in Rs. term), the sector’s ability to maintain such significant figures amidst global economic fluctuations underscores its stability and adaptability

In specific segments, while Cut & Polished Diamonds experienced a decline of 15.54% to US$ 2627.09 million (-14.32% to INR 21906.44 crores), other categories such as Gold Jewellery (Plain & Studded) and Silver Jewellery witnessed remarkable growth.

Commenting on the performance, Mr. Vipul Shah, Chairman, GJEPC said, “India’s gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as Gold Jewellery and Silver Jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation and excellence to ensure sustained growth for the industry.”

“As the industry continues to navigate through dynamic market conditions, GJEPC remains optimistic about the sector’s long-term prospects, leveraging India’s rich heritage and skilled workforce to capitalize on emerging opportunities.” Shah added.

Notably, the provisional gross export of Total Gold Jewellery surged by 15.4% to US$ 1420.550 million (17.15% to INR 11846.93 crores), as compared to US$ 1231.01 million (INR 10112.61 crores) to the same period the previous year. Within this category, Plain Gold Jewellery showed exceptional growth of 30.66% to US$ 653.71 million (32.66% INR 5451.68 crores) as compared US$ 500.3 million (INR 4109.55 crores) to the same period the previous year. This indicates a preference for timeless designs and purity.

Furthermore, signalling sustained interest in intricate and embellished pieces, Studded Gold Jewellery saw a growth of 4.94% to US$ 766.84 million (6.53% to INR 6395.25 crores), as compared to US$ 730.71 million (INR 6003.06 crores) to the same period the previous year.

Silver Jewellery emerged as another bright spot, with a notable growth of 22.47% to US$ 178.8 million (24.3% to INR1491.01 crores), as compared to US$ 145.99 million (INR 1199.5 crores) to the same period the previous year. This showcases the versatility and affordability of this category in the global market.

Moreover, the Platinum Jewellery segment exhibited growing preference among consumers with exceptional growth of 72.94% to US$ 25.48 million (75.35% to INR 212.48 crores), as compared to US$ 14.73 million (INR 121.17 crores) to the same period the previous year.

While Coloured Gemstones exports declined 29.02% to US$ 63.2 million (-27.99% to INR 527.2 crores) as compared to US$ 89.04 million (INR 732.12 crores).

Provisional gross export of Polished Lab Grown Diamonds declined 15.5% to US$ 204.17 million (-14.32% to INR 1702.55 crores) over the comparative figure of US$ 241.62 million (INR 1987.1 crores) for the same period the previous 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.