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India’s gems and jewellery exports rise 20% to Rs 25,365.35 crore in May: GJEPC

20 Jun 2022 Evaluate

The Gem and Jewellery Export Promotion Council (GJEPC) has said India’s gems and jewellery exports during May 2022 witnessed a year-on-year growth of 20 per cent to Rs 25,365.35 crore ($3.28 billion), as compared to exports of Rs 21,156.10 crore ($2.89 billion) in May 2021,  amid strong demand from key markets, including the US.  Gross exports of gems and jewellery for the period of April-May 2022 grew 10.08 per cent to Rs 51,050.53 crore ($6.65 billion), compared to Rs 46,376.57 crore ($6.28 billion) during April-May 2021.

GJEPC chairman Colin Shah said ‘I believe we’re witnessing India’s steady progress towards becoming the gem and jewellery manufacturer of choice for the rest of the world. For instance, the April to May 2022 period has seen consistent export growth to many of our key markets, including the US which accounted for $2.58 billion, Hong Kong ($1.38 billion), UAE ($810.16 million) and Belgium ($441.37 million).’ He added given its satisfaction with the industry’s export performance last year, the government has pushed the goal post forward by another 17 per cent to $45.7 billion for 2022-23.

Meanwhile, in May exports of Cut and Polished Diamonds (CPD) surged 10.04 per cent to Rs 16,156.03 crore ($2,089.17 million), compared to Rs 14,681.42 crore ($2,004.99 million) in 2021. Gold jewellery exports (plain and studded jewellery) in May jumped 50.11 per cent to Rs 5,273.40 crore ($681.47 million), compared to Rs 3,513.08 crore ($479.54 million) in May 2021. Silver jewellery exports during April-May 2022 witnessed a decline of 6.63 per cent to Rs 3,728.84 crore ($485.41 million), compared to Rs 3,993.64 crore ($540.19 million) during April-May 2021.

Coloured gemstone exports during April-May 2022 grew by 106.91 per cent to Rs 584.45 crore ($75.99 million) against Rs 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 witnessed a growth of 105.58 per cent to Rs 2,499.95 crore ($325.45 million), compared to Rs 1,216.06 crore ($164.52 million) during the same period of the previous fiscal.

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