The President of the Gem & Jewelery Export Promotion Council said, “We are witnessing India’s continued progress towards becoming a gem and jewelery manufacturer for the rest of the world.
The President of the Gem & Jewelery Export Promotion Council said, “We are witnessing India’s continued progress towards becoming a gem and jewelery manufacturer for the rest of the world.
India’s gems and jewelery exports witnessed a year-on-year growth of 20% during May to ₹25,365.35 crore ($3.28 billion) amid strong demand from key markets including the United States, the Gem and Jewelery Export Promotion Council (GJEPC) on Saturday.
GJEPC said in a statement that total gems and jewelery exports stood at ₹21,156.10 crore ($2.89 billion) in May 2021.
Gross exports of gems and jewelery for the period April-May 2022 increased by 10.08% to ₹51,050.53 crore ($6.65 billion) as compared to ₹46,376.57 crore ($6.28 billion) during April-May 2021.
“I believe we are witnessing India’s continued progress towards becoming the gems and jewelery manufacturer of choice for the rest of the world.
“For example, the period from April to May 2022 has seen steady export growth in several of our key markets, including the US, at US$2.58 billion, Hong Kong ($1.38 billion), the UAE ($810.16 million) and Belgium ($441.37 billion). million)” said Colin Shah, chairman of GJEPC.
He said considering its satisfaction with the export performance of the industry last year, the government has pushed the target post the target for 2022-23 by 17% to $45.7 billion.
He said, “I am confident that the foundation laid by the trade agreements with the UAE and Australia will help us reach this new goal. We are active in identifying new opportunities to balance the effects of the Russia-Ukraine conflict. Huh.”
Meanwhile, exports of cut and polished diamonds (CPD) rose 10.04% to ₹16,156.03 crore ($2,089.17 million) in May as compared to ₹14,681.42 crore ($2,004.99 million) in 2021.
As per the data, gold jewelery exports (plain and studded jewellery) grew by 50.11% to ₹5,273.40 crore ($681.47 million) in May 2021 from ₹3,513.08 crore ($479.54 million) in May 2021.
Silver jewelery exports declined by 6.63% to ₹3,728.84 crore ($485.41 million) during April-May 2022, as against ₹3,993.64 crore ($540.19 million) during April-May 2021.
Colored Gem exports during April-May 2022 increased by 106.91% to ₹584.45 crore ($75.99 million) as against ₹282.47 crore ($38.20 million) during the first two months of the previous financial year.
Similarly, polished lab-grown diamonds in April-May 2022 grew by 105.58% to ₹2,499.95 crore ($325.45 million) as compared to ₹1,216.06 crore ($164.52 million) during the same period last fiscal.