India’s gems and  jewellery exports grew by 6.7% in August 2022 to Rs 26,418.84 crore

The overall gems and jewellery exports rose by 6.7 per cent in August 2022 to Rs 26,418.84 crore ($ 3,316.08 million) compared to the same month last year, the Gem and Jewellery Export Promotion Council (GJEPC) said.

The gems and jewellery exports stood at Rs 24,749.69 crore ($ 3,334.12 million) during August 2021, GJEPC said in a statement.

In August, the overall gross export of cut and polished diamonds (CPD) declined 0.84 per cent to Rs 14,955.8 crore ($ 1,879.74 million) compared to Rs 15,082.28 crore ($ 2,031.64 million) in August 2021.

For the period of April-August 2022, the overall gross exports of CPD grew 1.59 per cent to Rs 78,697.84 crore ($ 10,080.52 million) as compared to Rs 77,465.26 crore ($ 10,465.28 million) for the same period last year.

“For the last two months, the CPD exports have been largely affected due to a slowdown in the Chinese economy caused by ongoing lockdowns. In addition, the Russia-Ukraine conflict is affecting diamond exports to some extent,” GJEPC chairman Vipul Shah said.

However, the cumulative growth in gems and jewellery during April-August 2022, is attributed to the robust performance of plain gold jewellery and studded jewellery, which witnessed a growth of 28.73 per cent to Rs 13,302.52 crores and 23.11 per cent to Rs 17,714.51 crores, respectively, post the signing of the India-UAE CEPA, he noted.

“Moreover, silver and lab-grown diamonds continue with their strong growth due to high demand from the US and other major markets,” he added.

According to GJEPC data, in August 2022, the total gross export of gold jewellery (plain and studded) witnessed a growth of 15.44 per cent to Rs 6,659.43 crores ($ 832.95 million) compared to Rs 5,768.87 crores ($ 777.57 million) for the same period last year. The total gross export of plain gold jewellery witnessed a growth of 25.44 per cent in August to Rs 2,970.78 crores ($ 372.76 million) against Rs 2,368.24 crores ($ 319.32 million) for the same month last year.

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