Gems, Jewellery exports from India marginally up by 2.48% in 2022-23: GJEPC
Updated: Apr 19, 2023 04:31:30pm
Gems, Jewellery exports from India marginally up by 2.48% in 2022-23: GJEPC
New Delhi, Apr 19 (KNN) The overall gem and jewellery exports from India are marginally up by 2.48 per cent to Rs 3, 00,462.52 crore in 2022-23, Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.
Although the gems and jewellery exports declined by 23.75 per cent to Rs 21,501.96 crore in March 2023 compared to Rs 28,198.36 crore in the same month last year, an official statement said.
As per reports, during 2021-22, the exports had stood at Rs 2, 93,193.19 crore.
Speaking about the latest data revealed, GJEPC chairman Vipul Shah said, “India's gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the U.S., 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.”
“The timely implementation of the India-UAE Comprehensive Economic Partnership Agreement 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,” he said.
Shah added that the global challenges affected the demand for diamonds in India's key markets, including the U.S. and China. But certain regions in Europe and South-East Asia fared well.
For the period of April 2022 to March 2023, the overall exports of Cut and Polished diamonds witnessed a decline of 2.97 per cent at Rs 1, 76,696.95 crore compared to Rs 1,82,111.14 crore in the previous year.
“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,” he said, adding that stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia.
The gold jewellery exports during April 2022 to March 2023, went up by 11.13 per cent to Rs 75,635.72 crore compared with Rs 68,062.41 crore for the previous year.
Exports of silver jewellery grew by 16.02 per cent during FY23, to Rs 23,492.71 crore compared to Rs 20,248.09 crore in the previous year, the GJEPC data said. (KNN Bureau)