In a remarkable upswing, plain gold jewelry exports experienced an unprecedented surge, contributing significantly to the overall growth of the sector. The gross export of total Gold Jewelry (both Plain & Studded) witnessed a commendable increase of 16.75% to US$ 11230.18 million over the previous year.
Vipul Shah, Chairman of GJEPC, commented on this resurgence, stating, “The rebound of total gold jewelry exports, which faced a 10.47% decline in the first half of FY 2023-24, underscores the resilience of the industry.” Shah attributed this resilience to pragmatic foreign trade agreements, particularly highlighting the India-UAE CEPA, which played a pivotal role in boosting exports amidst economic downturns and geopolitical challenges.
Highlighting significant market developments, Shah noted, “The UAE emerged as a key market, experiencing a remarkable growth of 107.2% in plain gold jewelry exports from India. Additionally, the India-Australia ECTA contributed to a 37% growth in exports to Australia.”
While the overall gross exports of Gems & Jewelry saw a decline of 14.45% in FY 2023-24, the industry demonstrated resilience by narrowing the decline to just 1.60% in the second half of the financial year. Challenges such as high interest costs, inflation, and sluggish demand in key markets like the USA and China were addressed through proactive measures and exploration of new markets.
Shah emphasized the importance of fostering international partnerships and expanding market presence, stating, “GJEPC’s concerted efforts to tap into new markets have been instrumental. We are optimistic about the turnaround of diamond and diamond jewelry exports, with discussions underway to enhance promotions in key markets.
Despite concerns regarding the ongoing conflict in the Middle East, GJEPC remains steadfast in supporting exporters through various initiatives, including Buyer-Seller Meets and international show participation. With 15 international shows scheduled, GJEPC aims to provide maximum exposure to exporters and drive exports in FY 2024-25.
In addition to the surge in plain gold jewelry exports, notable increases were observed in Platinum Gold Jewelry exports (449.16%) and Colored Gemstones exports (14%) in FY 2023-24, reflecting the industry’s adaptability and resilience amidst evolving market dynamics.
The industry’s proactive measures and collaborative efforts underscore its commitment to navigating challenges and driving sustainable growth in the global jewelry market.
