India’s gems and jewellery sector demonstrated resilience in the face of global economic headwinds, according to the latest export data for April to May 2024.
The sector recorded gross exports of USD 4,691.58 million (Rs. 39,123.07 crores), reflecting a slight decline of 5.94 per cent in dollar terms and 4.56 per cent in rupee terms compared to the same period last year.
Despite the overall dip, several segments within the industry exhibited robust growth. Gold jewellery exports surged by 15.4 per cent to USD 1,420.55 million, with plain gold jewellery leading the charge at a 30.66 per cent increase. Silver jewellery exports also rose significantly by 22.47 per cent to USD 178.8 million.
Cut and polished diamonds, traditionally a strong performer, experienced a downturn with exports declining by 15.54 per cent to USD 2,627.09 million.
Similarly, coloured gemstones saw a 29.02 per cent decrease in exports to USD 63.2 million, while polished lab-grown diamonds fell by 15.5 per cent to USD 204.17 million.
Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), commented on the sector’s performance, highlighting its adaptability. “The growth witnessed in categories such as gold jewellery and silver jewellery underscores the enduring appeal of Indian craftsmanship and design,” Shah stated.
He expressed optimism about the industry’s long-term prospects, emphasising India’s rich heritage and skilled workforce as key factors for capitalising on emerging opportunities.
The data also revealed a growing consumer preference for platinum jewellery, with exports in this category increasing by 72.94 per cent to USD 25.48 million.
These figures suggest that while certain traditional segments faced challenges, others have found new avenues for growth, reflecting the sector’s ability to respond to changing market dynamics and consumer preferences.
The gems and jewellery sector, a significant contributor to India’s export basket, continues to navigate through evolving global market conditions.
Its performance in the coming months will be closely watched by industry observers and policymakers alike.