‘India’s jewellery exports grew 62% in FY24’

Published - April 22, 2024 09:35 pm IST - Bengaluru

India’s plain gold jewellery exports grew 61.72% to $6,792.24 million in FY24 as compared with $4,199.96 million a year earlier, according to the Gem & Jewellery Export Promotion Council (GJEPC). 

Total gold jewellery (plain and studded) which saw a 10.47% decline between April 2023 and September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%. Exports of total gold jewellery (both plain and studded) for FY23-24 grew 16.75%. Coloured gemstones for FY23-24 increased by 14% to $478.71 million, while exports of platinum gold jewellery exports showed a robust growth of 449.16% to $163.48 million, GJEPC reported.

Vipul Shah, Chairman, GJEPC, said, “The increase in plain gold jewellery exports may be attributed to the pragmatic foreign trade agreements by the government. The implementation of India-UAE CEPA couldn’t have come at a better time, especially when the industry faced various challenges with economic downturns in major export markets and escalating geopolitical concerns, all of which led to the decline in demand.’‘

The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach $4,528.66 million in FY23-24, compared with $2,185.67 million in the previous year.

Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports. Australia also witnessed a growth of 37% in plain gold jewellery exports, attributing its development to the India-Australia ECTA.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.