Gems And Jewellery Exports Rebound 56% To $39 Billion In FY22

Gems and jewellery exports rebounded in 2021-2022 to touch $39.15 billion, showing a nearly 55% jump compared to the previous financial year, industry body Gem and Jewellery Export Promotion Council said on Thursday.

The gross gems and jewellery exports stood at $25.40 billion during 2020-2021, the GJEPC said in a statement.

Meanwhile, in March the overall gross gems and jewellery exports went up by 4.33% to $3,393.29 million, a decline of 0.46% compared to $3,409.07 million for the same period in FY21.

"India's exports to global markets bounced back 54%, demonstrating the agility of the Indian G&J pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges," GJEPC chairman Colin Shah said.

With annual exports of $39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a 10th of the country's overall $400 billion export target, Shah said.

"Out of the total G&J exports, the cut and polished diamonds segment alone accounted for 62% or $24,236.57 million, reflecting robust demand from the U.S., the U.A.E., Belgium, and Israel."

"Our industry has stood hand in hand with the export sector at large in fulfilling the government's target, and some additional requisite policy support could unleash the industry's true potential," he added.

Having recently signed trade agreements with the U.A.E. and Australia, India is poised to gain preferential access for gem and jewellery products in these important growth markets, he noted.

The overall exports of cut and polished diamonds during FY22 stood at $24.24 billion, showing a growth rate of 50.33% compared $16.29 billion for the same period in FY21.

Provisional export of total gold jewellery for FY22 stood at $9.13 billion, showing a growth of 86% compared to $4.945 billion for the same period in FY21.

According to the GJEPC data, the provisional shipments of all kinds of studded gold jewellery during 2021-22, witnessed a growth of 95% at $5,352.52 million against $2,768.97 million in the previous year.

Provisional gross exports of silver jewellery during FY22 stood at $2,721.87 million against $2336.82 million in the previous financial year.

Similarly, the gross export of coloured gemstones for the April 2021- March 2022 witnessed a growth of 66.82% at $311.41 million against $188.66 million in the previous fiscal year.