Gems and jewellery exports grow 11.83% to Rs 19,855.17 crore in November: GJEPC

13 Dec 2022 Evaluate

The Gem and Jewellery Export Promotion Council (GJEPC) in its latest data has showed that the gems and jewellery exports grew 11.83 per cent to Rs 19,855.17 crore ($2,429.86 million) in November compared to the year-ago period on the back of resumption of manufacturing activities after Diwali. The exports stood at Rs 17,755.28 crore ($2,380.97 million) in November 2021. November is usually marked with resumption of manufacturing post the Diwali break that resulted in a rise in gem and jewellery exports by 12 per cent.

GJEPC Chairman Vipul Shah said ‘The USA and Hong Kong remained the two biggest pillars of India's overall gem and jewellery export growth for the period of April to November 2022, accounting for $9,211.39 million and $5,781.90 million, respectively’. He added with the easing of Covid restrictions in China and the upcoming Chinese New Year, there may be hope on the horizon. As per the data, in November, the overall gross export of Cut and Polished Diamonds (CPD) grew 4.97 per cent to Rs 10,202.54 crore ($1,248.41 million) compared to Rs 9,719.72 crore ($1,302.78 million) in November 2021. The total export of gold jewellery (plain and studded) rose 15.93 per cent to Rs 6,097.64 crore ($746.03 million). In the year-ago period, it was at Rs 5,259.91 crore ($705.83 million).

The provisional gross export of Polished Lab-Grown Diamonds grew 60.08 per cent to Rs 9,743.28 crore ($1,227.77 million) compared to Rs 6,086.59 crore ($819.76 million) for the same period last year. During April to November 2022, provisional gross export of coloured gemstones jumped 41.32 per cent to Rs 2,091.64 crore ($263.86 million) compared to Rs 1,480.11 crore ($199.59 million) in the year-ago period. For the same period, the provisional gross export of silver jewellery increased 37.98 per cent to Rs 17,273.85 crore ($2,177.62 million). It stood at Rs 12,518.78 crore ($1,687.38 million) in the same period a year ago. During April to November 2022, provisional total export of platinum jewellery climbed 28.81 per cent to Rs 198.89 crore ($25.02 million) compared to Rs 154.40 crore ($20.83 million) in the year-ago period.

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