India’s gems and jewellery sector has demonstrated resilience and growth, according to the latest export data for April to May 2024. Gross exports during this period reached $4.69 billion (₹39,123.07 crores), reflecting a slight decline of 5.94% in dollar terms and 4.56% in rupee terms. Despite global economic fluctuations, the sector’s ability to maintain significant figures underscores its stability and adaptability.
Notable growth was observed in Gold Jewellery (Plain & Studded) and Silver Jewellery, while Cut & Polished Diamonds saw a decline of 15.54%, falling to $2.63 billion (-14.32% to ₹21,906.44 crores).
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), commented: “India’s gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth in Gold and Silver Jewellery highlights the enduring appeal of Indian craftsmanship and design. We remain committed to driving innovation and excellence to ensure sustained growth for the industry.”
Shah added, “As the industry navigates dynamic market conditions, GJEPC remains optimistic about long-term prospects, leveraging India’s rich heritage and skilled workforce to capitalize on emerging opportunities.”
Surge in Gold Jewellery Exports
Gold Jewellery exports surged by 15.4% to $1.42 billion (17.15% to ₹11,846.93 crores), compared to $1.23 billion (₹10,112.61 crores) the previous year. Plain Gold Jewellery exports grew by 30.66%, reaching $653.71 million (32.66% to ₹5,451.68 crores), indicating a preference for timeless designs. Studded Gold Jewellery exports increased by 4.94%, totaling $766.84 million (6.53% to ₹6,395.25 crores), signaling sustained interest in intricate designs.
Strong Growth in Silver Jewellery
Silver Jewellery exports grew by 22.47% to $178.8 million (24.3% to ₹1,491.01 crores), compared to $145.99 million (₹1,199.5 crores) the previous year. This showcases the versatility and affordability of this category in the global market.
Performance of Other Segments
The Platinum Jewellery segment saw exceptional growth, with exports increasing by 72.94% to $25.48 million (75.35% to ₹212.48 crores), compared to $14.73 million (₹121.17 crores) the previous year.
Conversely, Coloured Gemstones exports declined by 29.02% to $63.2 million (-27.99% to ₹527.2 crores), compared to $89.04 million (₹732.12 crores) the previous year. Polished Lab Grown Diamonds also declined by 15.5%, dropping to $204.17 million (-14.32% to ₹1,702.55 crores) from $241.62 million (₹1,987.1 crores) the previous year.
Conclusion
While certain segments faced challenges, the robust growth in Gold and Silver Jewellery exports highlights the sector’s resilience and the enduring appeal of Indian jewellery craftsmanship on the global stage.
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