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Gems, Jewellery exports from India marginally up by 2.48% in 2022-23: GJEPC

Updated: Apr 19, 2023 04:31:30pm
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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.

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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)

COMMENTS

  1. Professional Utilities
    Professional Utilities 08/05/2024 5:45 PM

    The Gem & Jewellery Export Promotion Council (GJEPC) stands as a pivotal organization fostering the export of gem and jewelry products originating from India. Serving as a non-profit entity, it receives funding from both the Government of India and the domestic gem and jewelry industry. Through its multifaceted approach, the GJEPC offers an array of services aimed at bolstering the export endeavors of its members. These services encompass export promotion initiatives, market development strategies, and stringent quality control measures. Moreover, the GJEPC takes proactive steps in organizing various trade fairs and exhibitions. These events serve as platforms for showcasing the diverse range of products crafted by its members, thereby facilitating lucrative business engagements with potential buyers across the globe. Integral to its operations is the membership system, wherein businesses keen on joining the GJEPC are required to undergo a registration process. This process entails meeting specific eligibility criteria set forth by the organization. In essence, the Gem and Jewellery Export Promotion Council (GJEPC) serves as a cornerstone in promoting India's gem and jewelry exports, offering a wealth of opportunities and support services to its members. Through its concerted efforts, it continues to drive growth and innovation within the industry while cementing India's position as a global leader in the gem and jewelry trade.

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  2. Professional Utlities
    Professional Utlities 26/03/2024 1:09 PM

    The Gem & Jewellery Export Promotion Council (GJEPC) is dedicated to advancing the export of gem and jewelry products from India. It operates as a non-profit entity, receiving funding from both the Government of India and the domestic gem and jewelry industry. Offering an array of services, the GJEPC supports its members through export promotion, market development, and quality control initiatives. Additionally, it orchestrates trade fairs and exhibitions to exhibit its members' offerings and foster international business connections with prospective buyers. To attain membership with the GJEPC, businesses must undergo registration with the organization and satisfy specific eligibility criteria. This article delves into the Gem and Jewellery Export Promotion Council (GJEPC) in greater detail.

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