Sunday, July 7, 2024

India’s Jewellery Exports Show Resilience: Gold and Silver Lead Growth

India’s gems and jewellery sector has demonstrated resilience and growth, according to the latest export data for April to May 2024. Gross exports during this period reached $4.69 billion (₹39,123.07 crores), reflecting a slight decline of 5.94% in dollar terms and 4.56% in rupee terms. Despite global economic fluctuations, the sector’s ability to maintain significant figures underscores its stability and adaptability.

Notable growth was observed in Gold Jewellery (Plain & Studded) and Silver Jewellery, while Cut & Polished Diamonds saw a decline of 15.54%, falling to $2.63 billion (-14.32% to ₹21,906.44 crores).

Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), commented: “India’s gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth in Gold and Silver Jewellery highlights the enduring appeal of Indian craftsmanship and design. We remain committed to driving innovation and excellence to ensure sustained growth for the industry.”

Shah added, “As the industry navigates dynamic market conditions, GJEPC remains optimistic about long-term prospects, leveraging India’s rich heritage and skilled workforce to capitalize on emerging opportunities.”

Surge in Gold Jewellery Exports

Gold Jewellery exports surged by 15.4% to $1.42 billion (17.15% to ₹11,846.93 crores), compared to $1.23 billion (₹10,112.61 crores) the previous year. Plain Gold Jewellery exports grew by 30.66%, reaching $653.71 million (32.66% to ₹5,451.68 crores), indicating a preference for timeless designs. Studded Gold Jewellery exports increased by 4.94%, totaling $766.84 million (6.53% to ₹6,395.25 crores), signaling sustained interest in intricate designs.

Strong Growth in Silver Jewellery

Silver Jewellery exports grew by 22.47% to $178.8 million (24.3% to ₹1,491.01 crores), compared to $145.99 million (₹1,199.5 crores) the previous year. This showcases the versatility and affordability of this category in the global market.

Performance of Other Segments

The Platinum Jewellery segment saw exceptional growth, with exports increasing by 72.94% to $25.48 million (75.35% to ₹212.48 crores), compared to $14.73 million (₹121.17 crores) the previous year.

Conversely, Coloured Gemstones exports declined by 29.02% to $63.2 million (-27.99% to ₹527.2 crores), compared to $89.04 million (₹732.12 crores) the previous year. Polished Lab Grown Diamonds also declined by 15.5%, dropping to $204.17 million (-14.32% to ₹1,702.55 crores) from $241.62 million (₹1,987.1 crores) the previous year.

Conclusion

While certain segments faced challenges, the robust growth in Gold and Silver Jewellery exports highlights the sector’s resilience and the enduring appeal of Indian jewellery craftsmanship on the global stage.

Related topics:

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

Related Articles

Latest Articles