Gems and jewellery exports from India bounce by 56% to $ 39 billion in FY22: GJEPC

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

The gross gems and jewellery exports stood at $ 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 $ 3,393.29 million, a decline of 0.46 per cent compared to $ 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 $ 39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a 10th of the country’s overall $ 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 $ 24,236.57 million, reflecting robust demand from the US, the UAE, Belgium, and Israel.

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 $ 24.24 billion, showing a growth rate of 50.33 per cent compared $ 16.29 billion for the same period in FY21.

Provisional export of total gold jewellery for FY22 stood at $ 9.13 billion, showing a growth of 86 per cent compared to $ 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 $ 5,352.52 million against $ 2,768.97 million in the previous year. Provisional gross exports of silver jewellery during FY22 stood at $ 2,721.87 million against $ 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 $ 311.41 million against $ 188.66 million in the previous fiscal year.

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