We're witnessing India's steady progress towards becoming the gem and jewellery manufacturer of choice for the rest of the world, says Gem and Jewellery Export Promotion Council chairman

India's gems and jewellery exports during May witnessed a year-on-year growth of 20% to ₹25,365.35 crore ($3.28 billion), amid strong demand from key markets, including the United States, the Gem and Jewellery Export Promotion Council (GJEPC) said on Saturday.

The overall gems and jewellery exports stood at ₹21,156.10 crore ($2.89 billion) in May 2021, GJEPC said in a statement.

Gross exports of gems and jewellery for the period of April-May 2022 grew 10.08% to ₹51,050.53 crore ($6.65 billion), compared to ₹46,376.57 crore ($6.28 billion) during April-May 2021.

"I believe we're witnessing India's steady progress towards becoming the gem and jewellery manufacturer of choice for the rest of the world.

"For instance, the April to May 2022 period has seen consistent export growth to many of our key markets, including the U.S. which accounted for $2.58 billion, Hong Kong ($1.38 billion), UAE ($810.16 million) and Belgium ($441.37 million)," GJEPC chairman Colin Shah said.

Given its satisfaction with the industry's export performance last year, the government has pushed the goal post forward by another 17% to $45.7 billion for 2022-23, he stated.

"I am confident that the groundwork laid by trade agreements with UAE and Australia will help us in reaching this new target. We remain proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict,” he added.

Meanwhile, in May exports of Cut and Polished Diamonds (CPD) surged 10.04% to ₹16,156.03 crore ($2,089.17 million), compared to ₹14,681.42 crore ($2,004.99 million) in 2021.

Gold jewellery exports (plain and studded jewellery) in May jumped 50.11% to ₹5,273.40 crore ($681.47 million), compared to ₹3,513.08 crore ($479.54 million) in May 2021, according to the data.

Silver jewellery exports during April-May 2022 witnessed a decline of 6.63% to ₹3,728.84 crore ($485.41 million), compared to ₹3,993.64 crore ($540.19 million) during April-May 2021.

Coloured gemstone exports during April-May 2022 grew by 106.91% to ₹584.45 crore ($75.99 million) against ₹282.47 crore ($38.20 million) during the first two months of the previous financial year.

Similarly, polished lab-grown diamonds in April-May 2022 witnessed a growth of 105.58% to ₹2,499.95 crore ($325.45 million), compared to ₹1,216.06 crore ($164.52 million) during the same period of the previous fiscal.

Courtesy: The Hindu