News Feed

Gems and jewellery exports rebounded in 2021-22 to touch USD 39.15 billion, showing a nearly 55 per cent jump compared to the previous financial year, industry body GJEPC said on Thursday.

The gross gems and jewellery exports stood at USD 25.40 billion during 2020-21, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

Meanwhile, in March the overall gross gems and jewellery exports went up by 4.33 per cent to USD 3,393.29 million, a decline of 0.46 per cent compared to USD 3,409.07 million for the same period in FY21.

"India's exports to global markets bounced back 54 per cent, demonstrating the agility of the Indian G&J pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges," GJEPC chairman Colin Shah said.

With annual exports of USD 39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a 10th of the country's overall USD 400 billion export target, Shah said.

"Out of the total G&J exports, the cut and polished diamonds segment alone accounted for 62 per cent or USD 24,236.57 million, reflecting robust demand from the US, the UAE, Belgium, and Israel.

"Our industry has stood hand in hand with the export sector at large in fulfilling the government's target, and some additional requisite policy support could unleash the industry's true potential," he added.

Having recently signed trade agreements with the UAE and Australia, India is poised to gain preferential access for gem and jewellery products in these important growth markets, he noted.

The overall exports of cut and polished diamonds (CPD) during FY22 stood at USD 24.24 billion, showing a growth rate of 50.33 per cent compared USD 16.29 billion for the same period in FY21.

Provisional export of total gold jewellery for FY22 stood at USD 9.13 billion, showing a growth of 86 per cent compared to USD 4.945 billion for the same period in FY21.

According to the GJEPC data, the provisional shipments of all kinds of studded gold jewellery during 2021-22, witnessed a growth of 95 per cent at USD 5,352.52 million against USD 2,768.97 million in the previous year.

Provisional gross exports of silver jewellery during FY22 stood at USD 2,721.87 million against USD 2336.82 million in the previous financial year.

Similarly, the gross export of coloured gemstones for the April 2021- March 2022 witnessed a growth of 66.82 per cent at USD 311.41 million against USD 188.66 million in the previous fiscal year.