India's gem, jewellery exports decline 23.7% to Rs 21,501.96 cr in March

Mumbai: India's overall gem and jewellery exports grew marginally by 2.48 per cent to Rs 3,00,462.52 crore (USD 37,468.66 million) in 2022-23 due to global challenges like inflation, the Russia-Ukraine war and the lockdown in China for almost six months, GJEPC said on Tuesday.

The total gem and jewellery exports during 2021-22 stood at Rs 2,93,193.19 crores (USD 39,331.71 million), the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

The overall exports of gems and jewellery declined by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year.

“India's gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the US, the Russia-Ukraine war, and the lockdown in China for almost six months, a key market, the industry has managed to put up a commendable performance," GJEPC chairman Vipul Shah said.

The overall gems and jewellery exports grew 2.48 per cent to Rs 3,00,462.52 crores compared to last year and the timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce and Industry, has resulted in a remarkable 17 per cent growth in exports of plain gold jewellery in 2022-23, Shah added.

For the period of April 2022 - March 2023, the overall exports of Cut and Polished diamonds witnessed a decline of 2.97 per cent at Rs 1,76,696.95 crores (USD 22,044.58 million) compared to Rs 1,82,111.14 crores (USD 24,433.75 million) in the previous year.

"Global challenges affected the demand for diamonds in India's key markets, including the USA and China. But certain regions in Europe and South-East Asia fared well. India encountered difficulties due to inconsistent Russian rough diamond supply and challenges with beneficiation, as countries such as Namibia, Botswana, and Angola prefer to have their rough diamonds cut in their own countries,” said Shah.

However, stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia, he added.

Meanwhile, gold jewellery exports during April 2022 - March 2023, went up by 11.13 per cent to Rs 75,635.72 crores (USD 9,423.31 million) compared with Rs 68,062.41 crores (USD 9,129.71 million) for the previous year.

Exports of silver jewellery grew by 16.02 per cent during FY23, to Rs 23,492.71 crores (USD 2,932.12 million) compared to Rs 20,248.09 crores (USD 2,714.14 million) in the previous year, the GJEPC data added.