Exports of plain gold jewellery continues its upward trajectory post India-UAE CEPA

MUMBAI: Exports of plain gold jewellery gained traction post the India-UAE Comprehensive Economic Partnership Agreement (CEPA), as reflected by the increase in gem & jewellery exports since the agreement came into force on 1^st May 2022.

In the month of July 2022, the total gross export of Plain Gold Jewellery grew 24.22% to Rs. 2591.67 crores (16.28% in dollar terms to US$ 325.59 million) as compared to Rs. 2086.41 crores (US$ 280.02 million) recorded in July 2021.

For the period April to July 2022, provisional gross export of Plain Gold Jewellery witnessed a growth of 29.29% to Rs. 10293.55 crores (22.98% in dollar terms to US$ 1321.68 million) as compared to Rs. 7961.63 crores (US$ 1074.67 million) for the same period in the previous year.

However, the overall gem & jewellery exports in the month of July 2022 witnessed a decline of 0.97% to Rs. 24913.99 crores (declined 7.28% in dollar terms to US$ 3129.91 million) as compared to Rs. 25157.64 crores (US$ 3375.62 million) for the same period previous year.

The overall gross exports of Gems & Jewellery for the April to July 2022 period witnessed a growth of 10.99% to Rs. 103931.14 crores (5.63% in dollar terms to US$ 13367.91 million as compared to Rs. 93640.44 crores(US$ 12655.55 million) for the same period previous year.

Colin Shah, Chairman, GJEPCsaid, “We are seeing good traction in plain gold jewellery exports post the CEPA signed with UAE. We hope to see the successful conclusion of similar FTAs with the UK and Canada soon, which will further boost exports from India. There is consistent, robust demand for jewellery from key global markets. The next few months will be a crucial period for exporters as they get into high gear to fulfil Holiday Season orders. The strong performance at the recently concluded IIJS show in Mumbai and the upcoming IGJS in Dubai later this year will further give a fillip to exports.”

In July 2022, the total gross export of all kinds of Studded Gold jewellery witnessed a growth of 6.75% to Rs. 3299.29 crores (declined 0.04% in dollar terms to US$ 414.44 million as compared to Rs. 3090.54 crores (US$ 414.60 million) for the same period of previous year.

For the April to July 2022 period, provisional gross export all kinds of Studded Gold jewellery witnessed a growth of 27.29% to Rs. 13974.62 crores (21.27% in dollar terms to US$ 1798.66 million as compared to Rs. 10978.55 crores (US$ 1483.22 million) on a year-on-year basis.

For July 2022, the total gross export of Gold Jewellery (plain & Studded jewellery) grew at 13.79% to Rs. 5890.96 crores (6.54% in dollar terms to US$ 740.04 million) as compared to Rs. 5176.95 crores (US$ 694.62 million) registered in July 2021.

For the April to July 2022 period, provisional gross export of total Gold Jewellery (Plain & Studded jewellery) grew 28.13% to Rs. 24268.18 crores (21.99% in dollar terms to US$ 3120.35 million) as compared to Rs. 18940.18 crores (US$ 2557.90 million) for the same period in 2021.

In July 2022, the overall gross export of Cut & Polished diamonds declined 7.56% to Rs. 15387.93 crores (declined 13.45% in dollar terms to US$ 1933.32 million) as compared to Rs. 16646.69 crores (US$ 2233.82 million) posted in July 2021.

For the April to July 2022 period, the overall gross exports of Cut & Polished diamonds grew 2.18% to Rs. 63742.04 crores (declined 2.76% in dollar terms to US$ 8200.78 million) as compared to Rs. 62382.16 crores (US$ 8433.54 million) for the same period in the previous year.

For the April to July 2022 period, provisional gross export of Silver Jewellery grew 30.04% to Rs. 8231.76 crores (23.80% in dollar terms to US$ 1057.7 million) as compared to Rs. 6329.98 crores (US$ 854.39 million) for the same period previous year.

 For the period of April to July 2022, provisional gross export of Coloured Gemstones grew 44.06% to Rs. 938.06 crores (37.37% in dollar terms to US$ 120.88 million) as compared to Rs. 651.16 crores (US$ 87.99 million) in the same period a year earlier.

For the period of April to July 2022, provisional gross export of Polished Lab-Grown Diamonds grew 78.32% to Rs. 4842.57 crores (69.84% in dollar terms to US$ 622.73 million) as compared to Rs. 2715.65 crores (US$ 366.65 million) for the same period previous year.

Courtesy: Retail Jeweller India News