Gem and jewellery export declined by seven per cent last month to $3.13 billion against $3.37 billion logged in the same period last month on the back of global economic recessionary trend. In rupee terms, it was down one per cent at ₹24,914 crore (₹25,158 crore).

The overall cut and polished diamond exports declined 13 per cent to $1.93 billion ($2.23 billion) due to short supply of rough diamond from Russia which faces economic sanctions post the Ukraine war. Gold jewellery (plain and studded) grew 7 per cent to $740 million ($695 million) in July.

Traction in gold

Colin Shah, Chairman, Gem and Jewellery Export Promotion Council said, there is good traction in plain gold jewellery exports post signing of CEPA (Comprehensive Economic Partnership Agreement) with UAE.

Successful completion of similar free trade agreements with the UK and Canada will further boost exports from India. The next few months will be a crucial period for exporters as they get into high gear to fulfil holiday season orders, he said.

Gems and jewellery

In last four months of this fiscal, the overall gems and jewellery increased 6 per cent to $13.37 billion ($12.65 billion). Cut and polished diamonds shipments declined three per cent to $8.20 billion ($8.43 billion).

Gold jewellery exports grew 22 per cent to $3.12 billion ($2.58 billion).

For the April to July 2022 period, provisional gross export of Silver Jewellery grew 30.04% to ₹8231.76 crore (23.80% in dollar terms to US$ 1057.7 million) as compared to ₹6329.98 crores (US$ 854.39 million) for the same period previous year.

Coloured Gemstones exports increased 37 per cent to $121 million ($88 million) while that of polished lab-grown diamonds jumped 70 per cent to $623 million ($367 million) being the cheapest alternative for natural diamonds.

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