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Gem and jewellery export increased 2 per cent in the year ended March to ₹3 lakh crore against ₹2.93 lakh crore logged in the same period last year as the global economic recessionary trend hit the demand. In dollar terms, it was down 5 per cent to $37 billion against $39 billion for the same period last year.
Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council, said despite inflation in the US, the Russia-Ukraine war and the lockdown in China for almost six months, the industry has managed to put up a commendable performance.
Timely implementation of the India-UAE Comprehensive Economic Partnership Agreement by the Ministry of Commerce and Industry, has resulted in 17 per cent growth in exports of plain gold jewellery in 2022-23. India’s major export markets remained US, Hong Kong and UAE, he said.
The overall cut and polished diamonds exports dipped 3 per cent to ₹1.77 lakh crore ($22 billion) against ₹1.82 lakh crore ($24 billion).
Global challenges affected the demand for diamonds in US 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 Namibia, Botswana and Angola preferring to cut and polish their rough diamonds in their own countries, said Shah.
Gold jewellery exports was up 11 per cent at ₹75,636 crore ($9.42 billion) against ₹68,062 crore. Polished lab-grown diamonds grew 37 per cent at ₹13,466 crore ($1.68 billion).
The government’s research grant of ₹242 crore to IIT-Madras, spread over five years, would support the development of local manufacturing technology in the industry, he said.
Export in March
Overall gems and jewellery exports declined 24 per cent to ₹21,502 crore ($2.61 billion) against ₹28,198 crore ($3.70 billion).
The cut and polished diamonds last month was down 28 per cent at ₹13,207 crore ($1.60 billion) while gold jewellery exports grew 4 per cent to ₹5,769 crore ($701 million) against ₹5,535 crore ($726 million).
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