India’s Gem, Jewelery Exports Decline 23.7% In March; Marginally Up In FY23

The overall exports of gems and jewelery decreased by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year.  (Representative image)

The overall exports of gems and jewelery decreased by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year. (Representative image)

The total gem and jewelery exports during 2021-22 stood at Rs 2,93,193.19 crores (USD 39,331.71 million).

India’s overall gem and jewelery exports grew marginally by 2.48 per cent to Rs 3,00,462.52 crore (USD 37,468.66 million) in 2022-23 due to global challenges like inflation, the Russia-Ukraine war and the lockdown in China for almost six months, GJEPC said on Tuesday.

The total gem and jewelery exports during 2021-22 stood at Rs 2,93,193.19 crores (USD 39,331.71 million), the Gem and Jewelery Export Promotion Council (GJEPC) said in a statement.

The overall exports of gems and jewelery decreased by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year.

“India’s gem and jewelery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the US, the Russia-Ukraine war, and the lockdown in China for almost six months, a key market, the industry has managed to put up a commendable performance,” GJEPC chairman Vipul Shah said.

The overall gems and jewelery exports grew 2.48 per cent to Rs 3,00,462.52 crores compared to last year and the timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce and Industry, has resulted in a remarkable 17 per cent growth in exports of plain gold jewelery in 2022-23, Shah added.

For the period April 2022 – March 2023, the overall exports of Cut and Polished diamonds witnessed a decline of 2.97 per cent at Rs 1,76,696.95 crores (USD 22,044.58 million) compared to Rs 1,82,111.14 crores (USD 24,433.75 million) in the previous year.

“Global challenges affected the demand for diamonds in India’s key markets, including the USA and China. But certain regions in Europe and South-East Asia fared well. India is encountering difficulties due to inconsistent Russian rough diamond supply and challenges with beneficiation, as countries such as Namibia, Botswana and Angola prefer to have their rough diamonds cut in their own country,” said Shah.

However, stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia, he added.

Meanwhile, gold jewelery exports during April 2022 – March 2023, went up by 11.13 per cent to Rs 75,635.72 crores (USD 9,423.31 million) compared with Rs 68,062.41 crores (USD 9,129.71 million) for the previous year.

Exports of silver jewelery grew by 16.02 per cent during FY23, to Rs 23,492.71 crores (USD 2,932.12 million) compared to Rs 20,248.09 crores (USD 2,714.14 million) in the previous year, the GJEPC data added.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)

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