Resilient Performance by India’s Jewellery Sector: Significant Growth in Gold Jewellery and Silver Jewellery Exports

Indian jewellery magazine

India’s gems and jewellery sector continues to demonstrate resilience and growth, as highlighted by the latest export performance data for the period of April to May 2024. The overall gross exports of Gems & Jewellery during this period amounted to US$ 4691.58 million (Rs. 39123.07 crores), showcasing a commendable performance. While this reflects a slight decline of 5.94% (-4.56% in Rs. term), the sector’s ability to maintain such significant figures amidst global economic fluctuations underscores its stability and adaptability.

In specific segments, while Cut & Polished Diamonds experienced a decline of 15.54% to US$ 2627.09 million (-14.32% to Rs. 21906.44 crores), other categories such as Gold Jewellery (Plain & Studded) and Silver Jewellery witnessed remarkable growth.

Commenting on the performance, Mr. Vipul Shah, Chairman, GJEPC said, “India’s gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as Gold Jewellery and Silver Jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation and excellence to ensure sustained growth for the industry.”

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

Notably, the provisional gross export of Total Gold Jewellery surged by 15.4% to US$ 1420.550 million (17.15% to Rs. 11846.93 crores), as compared to US$ 1231.01 million (Rs. 10112.61 crores) to the same period the previous year. Within this category, Plain Gold Jewellery showed exceptional growth of 30.66% to US$ 653.71 million (32.66% Rs. Rs. 5451.68 crores) as compared US$ 500.3 million (Rs. 4109.55 crores) to the same period the previous year. This indicates a preference for timeless designs and purity.

Furthermore, signalling sustained interest in intricate and embellished pieces, Studded Gold Jewellery saw a growth of 4.94% to US$ 766.84 million (6.53% to Rs. 6395.25 crores), as compared to US$ 730.71 million (Rs. 6003.06 crores) to the same period the previous year.

Silver Jewellery emerged as another bright spot, with a notable growth of 22.47% to US$ 178.8 million (24.3% to Rs.1491.01 crores), as compared to US$ 145.99 million (Rs. 1199.5 crores) to the same period the previous year. This showcases the versatility and affordability of this category in the global market.

Moreover, the Platinum Jewellery segment exhibited growing preference among consumers with exceptional growth of 72.94% to US$ 25.48 million (75.35% to Rs. 212.48 crores), as compared to US$ 14.73 million (Rs. 121.17 crores) to the same period the previous year.

While Coloured Gemstones exports declined 29.02% to US$ 63.2 million (-27.99% to Rs. 527.2 crores) as compared to US$ 89.04 million (Rs. 732.12 crores).

Provisional gross export of Polished Lab Grown Diamonds declined 15.5% to US$ 204.17 million (-14.32% to Rs. 1702.55 crores) over the comparative figure of US$ 241.62 million (Rs. 1987.1 crores) for the same period the previous year.

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