Gems & Jewellery Export Trends in FY23-24: A Detailed Overview

In the fiscal year 2023-24, India experienced a significant decline in its gems and jewellery exports by 14.94%, amounting to US$32.02 billion compared to US$37.6 billion in the previous year. The Gem and Jewellery Export Promotion Council (GJEPC) released provisional data highlighting this downturn.

Export Status of the Gem and Jewellery Sector

Total Export Decline: The gem and jewellery sector saw a decline of 12.17% in rupee terms and 14.94% in dollar terms, totaling Rs. 265187.95 crore and US$32.02 billion, respectively.

Import Trends

Decline in Imports: Import figures also reflected a decrease, with a decline of 11.09% in rupee terms and 13.84% in dollar terms, amounting to Rs. 184355.48 crores and $22.26 billion, respectively.

Cut and Polished Diamond Sector

Export Decline: The export of cut and polished diamonds significantly dropped by 27.58%, totaling $15.96 billion, while imports showed a substantial growth of 46.12%, reaching $1911.0 million.

Gold Jewellery Sector

Positive Growth: Conversely, gold jewellery exports exhibited a positive growth rate of 16.97%, amounting to $11140.780 million, attributed partly to increased exports facilitated by free trade agreements with UAE and Australia.

Silver and Platinum Jewellery Sectors

Declining Trends: Silver jewellery exports experienced a notable decline of 45%, while platinum jewellery exports surged by 449.52%.

Coloured Gemstones Sector

Steady Growth: Coloured gemstone exports demonstrated a growth rate of 13.94%, reaching $478.68 million.

Reasons for Export Decline

Market Demand: Weak demand in key markets like the United States and West Asia, due to geopolitical tensions and economic conditions, contributed to the decline.

Supply Disruption: Sanctions on Russia impacted the supply of raw diamonds, affecting the export of cut and polished diamonds from India.

Increase in Gold Jewellery Exports: The positive growth in gold jewellery exports was fueled by favorable trade agreements with UAE and Australia, resulting in significant export growth to these regions.

Gem and Jewellery Export Promotion Council (GJEPC)

Mission and Role: Established in 1966, GJEPC aims to promote the export of the gem and jewellery sector by facilitating collaboration between the Indian government, Ministry of Commerce and Industry, and other relevant trade bodies.

Leadership

The council is headquartered in Mumbai, with Vipul Shah serving as its Chairman, overseeing efforts to boost the industry’s international trade relations and market presence.