Plain Gold Jewellery Exports Witness Strong Growth Post India-UAE CEPA

FTAs with UAE and recently with Australia is working in favour of gem & jewellery exports from India. Post the India-UAE CEPA, India’s Plain Gold Jewellery exports for the periodApril – December 2022(9MFY2023), grew20.98% to ₹24242.91 crores.ForDecember 2022, the total gross export ofPlain Gold Jewellerygrew21.31%to ₹2,369.74crores(10.97% in dollar terms to US$ 287.46million) as compared to ₹1,953.46 crores (US$ 259.05 million) for the same period last year.

For the cumulative fiscal year-to-date period ofApril – December 2022,theoverall gross exports of gems & jewellerywitnessed a growth of6.28%to₹227,534.50crores (declined 0.73% in dollar terms to US$ 28,608.22million) as compared to ₹214,087.94 crores (US$ 28,819.88 million) for the same period last year.

In December 2022, the overall gem & jewellery exports witnessed a decline of 11.25% to ₹19,432.88 crores (declined 18.90% in dollar terms to $2,356.70 million) as compared to ₹21,896.46 crores (US$ 2,905.79 million) for the same period last year.

Vipul Shah, Chairman, GJEPC,said, “The overall exports of gem & jewellery during April-December 2022 show positive trend but December export figures reflect the global headwinds faced by the gem & jewellery industry in terms of inflation and talk of downturn in USA. However, it is to the credit and enterprise of the Indian gem & jewellery exporters that they have been able to perform even in this challenging scenario. The commissioning of India-UAE CEPA has resultied in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets such as the U.S. and Hong Kong. Overall exports for 9MFY23 (April to December) show positive growth of 6.28% in rupee terms. Plain gold jewellery exports have witnessed positive double digit exports growth of around 21% in both December 2022 as well as the 9MFY23 period.”

For the period ofApril – December 2022,the overall gross exports ofCut & Polished diamonds(CPDs) declined1.24% to ₹132,075.47crores(fell 7.67% in dollar terms to US$16,625.45million) as compared to ₹133,737.22 crores (US$ 18,006.79 million) for the same period last year.

The Ukraine-Russia conflict has started to affect the Cut & Polished Diamond exports that has witnessed 40% decline in rough diamond import from Russia in six months from March 2022. The diminishing imports in the first 6 months of this fiscal year has resulted in overall decline in CPD and overall gem & Jewellery exports in the month of December . The zero CoVID policy an d the recent withdrawal of the same has also affected negatively the consumer demand of diamond jewellery in China.

InDecember 2022,the overall gross export ofCut & Polished diamondsdeclined21.50% to ₹10,472.92crores(declined 28.25 % in dollar terms to US$ 1,270.36million) as compared to ₹13,341.66 crores (US$ 1770.61 million) in December 2021.

For the period ofApril to December 2022, the provisional gross export oftotalGold Jewellery (plain & studded)grew14.81% to ₹56,984.60crores (7.13% in dollar terms to US$ 7,155.30million)as compared to ₹49,635.03 crores (US$ 6,678.91 million) for the same period last year.

ForDecember 2022, the total gross export ofGold Jewellery (Plain & Studded)a decline of4.55% to ₹4,635.64crores (declined 12.62% in dollar terms to US$562.48million)as compared to ₹4,856.47 crores (US$ 643.74 million) for the same period last year.

For the month ofDecember 2022, the total gross export of all kinds ofStudded Gold jewellerydeclined21.95% to ₹2,265.90crores(declined 28.51% in dollar terms to US$275.03million) as compared to ₹2,903.01crores (US$ 384.69 million) in December 2021.

For the period ofApril to December 2022, provisional gross exports of all kinds ofStudded Gold jewellery surged10.63% to ₹ 32,741.69 crores(3.29% in dollar terms to US$ 4,113.37million) as compared to Rs. 29596.70 crores (US$ 3,982.41 million) for the same period last year.

In thefiscal year-to-date,provisional gross export ofPolished Lab-Grown Diamondsgrew54.22% to ₹10,587.36crores (44.10% in dollar terms to US$ 1,330.18million)as compared to ₹6,865.22 crores (US$ 923.11 million) for the same period last year.

DuringApril 2022 to December 2022, provisional gross export ofcoloured gemstonesjumped37.42%to₹2,269.94crores(28.39% in dollar terms to US$ 285.51million) as compared to ₹1651.78 crores (US$ 222.37 million) for the same period last year.

FromApril to December 2022, provisional gross export ofSilver Jewelleryincreased37.65% to ₹20,064.61crores(28.29% in dollar terms to US$2,515.45million) as compared to ₹14,576.44 crores (US$ 1,960.76 million) for the same period last year.

For the period ofApril 2022 to December 2022, provisional gross export ofPlatinum Jewellerygrew28.34% to ₹211.03crores(19.54% in dollar terms to US$ 26.49million) as compared to ₹164.43 crores (US$ 22.16 million) for same period last year.

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