India's exports of pure gold jewelery saw a significant rise of 61.72 per cent in the financial year 2023-24, to reach $6.8 billion compared to $4.2 billion in the previous year, according to data published by the Gem and Jewelery Export Promotion Board ( GJEPC). . ).

This growth contrasts sharply with the overall decline of 14.45 percent in total gem and jewelery exports during the same period.

“Total gold jewelery (plain and studded jewellery), which saw GJEPC said in a statement that, declining by 10.47 percent between April 2023 and September 2023, it recovered strongly in the second half of the year, achieving a growth of 46.91 percent.

The strong performance of pure gold jewelry exports can be attributed to several factors. The UAE emerged as a major market, with exports rising by 107.2 per cent to $4.5 billion. This growth is likely linked to the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which came into effect in May 2022.

Australia also saw a significant 37 per cent increase in common gold and jewelery imports, possibly due to the India-Australia Economic and Trade Cooperation Agreement (ECTA) implemented in December 2022.

“It can be attributed The rise in jewelery exports from simple gold to practical foreign trade agreements concluded by the government. The implementation of the India-UAE Comprehensive Economic Partnership Agreement could not have come at a better time, especially when the industry has faced several challenges with the economic downturn in key export markets and rising geopolitical concerns, all of which have led to a decline in demand. "Total exports of gold jewellery, including simple and studded items, rose by 16.75 per cent in FY 2023-24," said Shah, Chairman, GJEPC.

India's total exports of gems and jewelry decreased by 14.45 percent in the fiscal year 2023-2024, reaching $32.29 billion compared to $37. .74 billion in the previous year. Exports of cut and polished diamonds witnessed a significant decline of 27.58 percent in the fiscal year 2023-2024, falling to $15.97 billion compared to $22.05 billion in the previous year.

“GJEPC is actively working with the government to implement favorable policies In the upcoming trade agreements, especially those concluded with the Gulf Cooperation Council countries, Canada, the United Kingdom, and the European Union, Shah noted that this proactive commitment will have a positive impact on exports of gems and jewelry to these countries in the coming months. The point to note here is the decline in overall exports. Shah said that gems and jewellery, which rose to 25.04 per cent in the first half of the financial year, fell to just 1.60 per cent in the second half, which shows the resilience of the industry and its ability to recover even in times of... The difficult one. /p>

He also mentioned that the year was a challenging year for exports, due to high interest costs, inflation, lower market demand in the US and lower growth in China after Covid hit the world's gem and jewelry industry hard. The first half of the year. Moreover, the Ukraine war and uncertainty over the import of rough diamonds from Russia have exacerbated the situation.

“With the aim of exploring and penetrating new markets, GJEPC has made concerted efforts to explore new markets through delegations in Vietnam, Cambodia, etc. “It is now scheduled to send a delegation to Latin American countries in May to promote exports,” Shah added.< /p>

While exports of plain gold jewelery increased, other sectors within the industry saw mixed results and silver jewelery exports saw a significant decline of 44.97 per cent, reaching $1.6 billion compared to $2.94 billion in the previous year , exports of colored gemstones showed a positive growth of 14 percent, reaching US$478.7 million from US$420.13 million.

Platinum jewelery exports saw a notable increase of US$449.16 million.