Despite global challenges, India’s gem and jewellery exports grew 2.48% in FY 2022-23 to touch Rs 30,0462.52 crore

Gold jewellery exports grew 11.13% to Rs 75,635.72 crore; polished lab-grown diamond exports grew 37.31% to Rs 13,466.42 crore; coloured gemstones grew 45.44% to Rs 3,373.43 crore

For the financial year 2022-23, India’s overall gem and jewellery exports grew 2.48% to touch Rs 30,0462.52 crore as compared to Rs 29,3193.19 crore for the same period in the previous financial year. In terms of US dollars, the overall gem and jewellery exports accounted for $ 37,468.66 million as compared to $ 39,331.71 million for the same period last year.

Congratulating the Government of India for achieving $770 billion in exports during 2022-23, Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), analysed the performance of the gem and jewellery industry and said, “India’s gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the USA, the Russia-Ukraine war, and the lockdown in China for almost six months, a key market, the industry has managed to put up a commendable performance. The overall gems and jewellery exports grew 2.48% to Rs 30,0462.52 crore as compared to last year. Timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the Ministry of Commerce & Industry has resulted in a remarkable 17% growth in exports of plain gold jewellery in 2022-23. India’s major export markets remained USA, Hong Kong and UAE.”

However, for the period of April 2022-March 2023, the overall gross exports of cut and polished diamonds stood at Rs 17,6696.95 crore ($ 22044.58 million) – they declined 2.97% (declined 9.78% in terms of US dollar) compared to the same period in the previous year which was Rs 18,2111.14 crore ($ 24433.75 million).

Talking about the decline in cut and polished exports, Shah commented, “Global challenges affected the demand for diamonds in India’s key markets, including USA and China. But certain regions in Europe and South-East Asia fared well. India encountered difficulties due to inconsistent Russian rough diamond supply and challenges with beneficiation, as countries such as Namibia, Botswana, and Angola prefer to have their rough diamonds cut in their own countries. However, stability would return to the diamond sector in the coming months, especially with improved conditions in China and Far East Asia.”

For the period of April 2022-March 2023, provisional gross export of total gold jewellery stood at Rs 75,635.72 crore (US$ 9423.31 million) – it grew 11.13% (3.22% in terms of US dollars) over the comparative figure of Rs 68,062.41 crore (US$ 9129.71 million) for the previous year.

For the period of April 2022-March 2023, provisional gross export of plain gold jewellery stood at Rs 33,177.86 crore (US$ 4128.57 million) – a growth of 17.22% (8.74% in terms of US dollars) over the comparative figure of Rs 28,303.37 crore (US$ 3796.70 million) for the previous year.

For the period of April 2022 – March 2023, provisional gross export of all kinds of studded gold jewellery at Rs 42,457.87 crore (US$ 5294.74 million) grew 6.79% (declined 0.72% in terms of US dollars) over the comparative figure of Rs39,759.04 crore (US$ 5333.01 million) for previous year.

For the period of April 2022 – March 2023, provisional gross export of polished lab-grown diamonds was at Rs 13,466.42 crore (US$ 1679.98 million) – it grew 37.31% (27.85% in terms of US dollars) over the comparative figure of Rs 9807.56 crore (US$ 1313.98 million) for the previous year.

Referring to the steady progress of lab-grown diamonds, Vipul Shah remarked that this emerging sector has shown consistent growth in recent years. From April 2022 to March 2023, LGD exports have surged by 37.31% to Rs 13,466.42 crore. He also noted that the Indian government’s research grant of ₹242 crore to IIT Madras, spread over five years, would support the development of local manufacturing technology in the industry. Additionally, the elimination of customs duty on LGD seeds, previously at 5%, would enable India to establish global leadership in the complete production cycle of lab-grown diamonds and jewelry manufacturing.

For the period of April 2022 – March 2023, provisional gross export of silver jewellery was at Rs 23492.71 crore (US$ 2932.12 million) grew 16.02% (8.03% in terms of US dollars) over the comparative figure of Rs 20248.09 crore (US$ 2714.14 million) for the previous year.

For the period of April 2022 – March 2023, provisional gross export of platinum jewellery stood at Rs 237.73 crore (US$ 29.74 million) grew 10.01% (2.49% in terms of US dollars) over the comparative figure of US$ 29.01 million (Rs 216.09 crore) for the previous year.

For the period of April 2022 – March 2023, provisional gross export of Coloured Gemstones was at Rs 3373.43 crore (US$ 419.63 million) grew 45.44% (34.83% in terms of US dollars) over the comparative figure of Rs 2319.41 crore (US$ 311.21 million) for the previous year.

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