The export of plain gold jewellery has seen a remarkable surge, climbing by 27.45% to reach USD 342.27 million in April 2024, compared to USD 268.56 million in the corresponding month of the previous year.
The collective exports of gems and jewellery experienced a decrease of 11.37% to USD 2074.85 million in April 2024 compared to the previous year. Despite this, the total export value of gold jewellery (both plain and adorned) showed a positive growth of 11.03%, reaching USD 718.34 million in April 2024, in contrast to USD 646.97 million during the corresponding period in the preceding year.
Continue Exploring: Indian diamond jewellery market set to soar, expected to reach US$ 17 Billion by 2031
Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council, emphasized the remarkable expansion of plain gold jewellery exports, particularly following the UAE CEPA. He underscored its enduring significance within the gem and jewellery sector. Anticipating additional advantages from the FTAs inked with the UAE, Australia, and EFTA, he foresees continued growth in the forthcoming years. Notably, in April 2024 alone, exports of plain gold jewellery surged by 27.45% to USD 342.27 million. Moreover, studded jewellery exports are displaying encouraging trends, nearly on par with last year’s April figures. Shah expressed optimism for the future, foreseeing growth in diamond and silver jewellery exports in the upcoming year.
Shah added, “We have developed a strong promotion plan, focusing on tapping into new markets, to further boost exports.” Furthermore, we are funding the general promotion of gold and diamond jewellery in association with the World Gold Council (WGC) and the Natural Diamond Council (NDC), respectively.
During April 2024, the overall export of studded gold jewellery witnessed a minor decrease of 0.62%, amounting to USD 376.06 million, in contrast to USD 378.41 million recorded in the corresponding month of the preceding year.
Continue Exploring: Bengaluru-based jewellery marketplace Eternz secures $1.15M pre-seed funding led by Kae Capital
Additional findings from the report indicate a drop in the total export value of cut & polished diamonds by 16.76% to USD 1154.8 million in April 2024, in comparison to USD 1387.38 million recorded in the same period of the previous year.
In April 2024, the total export of silver jewellery witnessed a notable decline of 32.98%, amounting to USD 43.63 million, compared to USD 65.11 million in the corresponding month of the previous year. Conversely, the gross export of platinum jewellery for April 2024 showed remarkable growth, soaring by 281.1% to USD 13.41 million, in contrast to USD 3.52 million in the same month of the preceding year.
Moreover, the total export of colored gemstones for April 2024 witnessed a decline of 35.39%, amounting to USD 24.8 million, compared to USD 38.38 million in the corresponding month of the previous year. Likewise, the gross export of Polished Lab Grown Diamonds for April 2024 experienced an 18.2% decrease, totaling USD 83.77 million, in contrast to USD 102.4 million in the same month of the previous year.
Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25