The gem and jewellery industry has contributed about 10 per cent to the $400-billion goods export milestone that the country crossed for the first time since 2014.
Colin Shah, Chairman, GJEPC, said the significance of this achievement is that it is post-pandemic. The country's gem and jewellery exports between April 2021 and February 2022 grew 63 per cent year-on-year to touch $35.48 billion.
“The Government has set a target of $50 billion for FY23, and has also opened up new channels for growth by executing the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which will have immense benefit for the Indian gem and jewellery industry," he added.
The CEPA with the UAE is likely to boost exports to West Asia to the tune of $10 billion. The Government is also exploring options to sign similar agreements with Canada, the UK and Australia, he said.
India's gross exports of gems and jewellery stood at $3.11 billion (₹23,327 crore) in February, against $2.93 billion (₹20,974 crore) during the month last year.
Gross export of cut and polished diamonds last month was up 43 per cent at $1.98 billion ($1.38 billion).
Gold jewellery exports fell 49 per cent at $598 million ($1.17 billion) in February.
Yearly trend
In the first 11 months of this fiscal, cut and polished diamond shipments increased 25 per cent to $22 billion ($17.70 billion).
Gold jewellery exports in the same period declined 27 per cent to $8.28 billion ($11.31 billion).
Plain gold jewellery export dropped 58 per cent to $3.44 billion ($8.15 billion) between last April and this February.
Export of studded gold jewellery during the same period was up 53 per cent at $4.84 billion ($3.16 billion) while silver jewellery exports grew 70 per cent to $2.45 billion ($1.44 billion).