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), amid strong demand from key markets, including the US, the Gem and Jewellery Export Promotion Council (GJEPC) said.
The overall gems and jewellery exports stood at Rs 21,156.10 crore ($ 2.89 billion) in May 2021, GJEPC said in a statement.
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.
“The April to May 2022 period has seen consistent export growth to many of India’s 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),” GJEPC chairman Colin Shah said.
“I am confident that the groundwork laid by trade agreements with UAE and Australia will help us in reaching this new target. We remain proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict,” he added.
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, according to the data.
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.