Plain gold jewellery exports witness strong growth post India-UAE CEPA

FTAs with UAE and recently with Australia are working in favour of gem & jewellery exports from India. Post the India-UAE CEPA, India’s Plain Gold Jewellery exports for the period April – December 2022 (9MFY2023), grew 20.98% to Rs 24242.91 crores. For December 2022, the total gross export of Plain Gold Jewellery grew 21.31% to Rs 2,369.74 crores (10.97% in dollar terms to US$ 287.46 million) as compared to Rs 1,953.46 crores (US$ 259.05 million) for the same period last year.

For the cumulative fiscal year-to-date period of April – December 2022, the overall gross exports of gems & jewellery witnessed a growth of 6.28% to Rs 227,534.50 crores (declined 0.73% in dollar terms to US$ 28,608.22 million) as compared to Rs 214,087.94 crores (US$ 28,819.88 million) for the same period last year.

In December 2022, the overall gem & jewellery exports witnessed a decline of 11.25% to Rs 19,432.88 crores (declined 18.90% in dollar terms to $2,356.70 million) as compared to Rs 21,896.46 crores (US$ 2,905.79 million) for the same period last year.

Mr. Vipul Shah, Chairman, GJEPC, said, “The overall exports of gem & jewellery during April December 2022 show positive trend but December export figures reflect the global headwinds faced by the gem & jewellery industry in terms of inflation and talk of a downturn in the USA. However, it is to the credit and enterprise of the Indian gem & jewellery exporters that they have been able to perform even in this challenging scenario. The commissioning of India-UAE CEPA has resulted in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets such as the U.S. and Hong Kong. Overall exports for 9MFY23 (April to December) show positive growth of 6.28% in rupee terms. Plain gold jewellery exports have witnessed positive double-digit exports growth of around 21% in both December 2022 as well as the 9MFY23 period.”

For the period of April – December 2022, the overall gross exports of Cut & Polished diamonds (CPDs) declined 1.24% to Rs 132,075.47 crores (fell 7.67% in dollar terms to US$ 16,625.45 million) as compared to Rs 133,737.22 crores (US$ 18,006.79 million) for the same period last year.

The Ukraine-Russia conflict has started to affect the Cut & Polished Diamond exports that has witnessed 40% decline in rough diamond import from Russia in six months from March 2022. The diminishing imports in the first 6 months of this fiscal year have resulted in the overall decline in CPD and overall gem & Jewellery exports in the month of December . The zero Covid policy and the recent withdrawal of the same have also affected negatively the consumer demand of diamond jewellery in China.

In December 2022, the overall gross export of Cut & Polished diamonds declined 21.50% to ₹10,472.92 crores (declined 28.25% in dollar terms to US$ 1,270.36 million) as compared to Rs 13,341.66 crores (US$ 1770.61 million) in December 2021.

For the period of April to December 2022, the provisional gross export of total Gold Jewellery (plain & studded) grew 14.81% to Rs 56,984.60 crores (7.13% in dollar terms to US$ 7,155.30 million) as compared to Rs 49,635.03 crores (US$ 6,678.91 million) for the same period last year.

For December 2022, the total gross export of Gold Jewellery (Plain & Studded) a decline of 4.55% to Rs 4,635.64 crores (declined 12.62% in dollar terms to US$ 562.48 million) as compared to Rs 4,856.47 crores (US$ 643.74 million) for the same period last year.

For the month of December 2022, the total gross export of all kinds of Studded Gold jewellery declined 21.95% to Rs 2,265.90 crores (declined 28.51% in dollar terms to US$ 275.03 million) as compared to Rs 2,903.01crores (US$ 384.69 million) in December 2021.

For the period of April to December 2022, provisional gross exports of all kinds of Studded Gold jewellery surged 10.63% to Rs 32,741.69 crores (3.29% in dollar terms to US$ 4,113.37 million) as compared to Rs. 29596.70 crores (US$ 3,982.41 million) for the same period last year.

In the fiscal year-to-date, provisional gross export of Polished Lab-Grown Diamonds grew 54.22% to Rs 10,587.36 crores (44.10% in dollar terms to US$ 1,330.18 million) as compared to Rs 6,865.22 crores (US$ 923.11 million) for the same period last year.

During April 2022 to December 2022, provisional gross export of coloured gemstones jumped 37.42% to Rs 2,269.94 crores (28.39% in dollar terms to US$ 285.51 million) as compared to Rs 1651.78 crores (US$ 222.37 million) for the same period last year.

From April to December 2022, provisional gross export of Silver Jewellery increased 37.65% to Rs 20,064.61 crores (28.29% in dollar terms to US$ 2,515.45 million) as compared to Rs 14,576.44 crores (US$ 1,960.76 million) for the same period last year.

For the period of April 2022 to December 2022, provisional gross export of Platinum Jewellery grew 28.34% to Rs 211.03 crores (19.54% in dollar terms to US$ 26.49 million) as compared to Rs 164.43 crores (US$ 22.16 million) for the same period last year.

Courtesy: Retail Jeweller India News