Gold Jewellery Exports Surge Despite Decline In India's Gems & Jewellery Sector

New Delhi, Mar 20 (KNN) In February 2024, India's gems and jewellery sector experienced a significant decline in exports, marking a 12.66 per cent decrease year-on-year, according to recent data released by the Gem Jewellery Export Promotion Council (GJEPC).

However, amidst this downturn, there is a glimmer of hope as gold jewellery exports surged by 16.43 per cent, showcasing resilience in this segment of the industry.

The total gross export of gold jewellery stood at USD 821.55 million (Rs 6,815.65 crore) in February 2024, exhibiting a notable growth compared to the previous year's figures of USD 705.61 million (Rs 5,829.65 crore).

This growth in gold jewellery exports has been a bright spot amid the broader challenges faced by the gems and jewellery sector.

Navneet Dubey, an industry expert, emphasises the significance of this uptick in gold jewellery exports, stating that it underscores the sector's ability to adapt and thrive amidst changing market conditions.

Despite the increase in gold jewellery exports, the overall gems and jewellery exports experienced a decline.

The sector's exports totalled USD 3.05 billion in February 2024, marking a notable decrease from the previous year's figures.

This decline has raised concerns about the widening trade gap within the industry.

Conversely, imports of gems and jewellery saw a marginal increase of 1.12 per cent, reaching USD 2.26 billion in February 2024.

This slight uptick in imports indicates ongoing demand for jewellery in the domestic market despite the challenges faced by exporters.

The GJEPC report further highlights the nuanced trends within the sector, with a decline of 12.66 per cent in overall exports and a simultaneous growth of 1.12 per cent in imports.

These figures underscore the need for strategic measures to address the challenges facing India's gems and jewellery industry.

(KNN Bureau)