Increasing demand for precious metals in key markets such as the US and the UAE may help Indian gems and jewellery exporters to achieve shipments of $40 billion in FY24, according to Gems and Jewellery Export Promotion Council (GJEPC).
Data from the government’s Niryat portal showed gem and jewellery export during April–October was at $18.60 billion, or 46% of the annual target.
It will, however, be essential to monitor the industry’s performance, hereon, to gauge if the positive projections for the fiscal materialize. Government data for the last seven months indicates fluctuating gems and jewellery exports. The highest was in September, at $3.19 billion, and $2.99 billion in October. Exports in May was worth $2.82 billion, in August it was at $2.60 billion, $2.43 billion in April, $2.30 billion in July, and $2.28 billion in June.
The industry encountered challenges from a downturn in both China and the US, which are key markets for India. Anil Sankhwal, a GJEPC executive said the fall in demand from the pivotal markets affected the Indian market. “A panel, led by a senior customs official, will be set up to streamline the export and import processes for gems and jewellery consignments. Efforts are on to involve small exporters to enhance the chances of meeting the export target for this fiscal year, he added.
According to Sankhwal , the challenges exporters face in sending shipments were deliberated at the round table discussion with chief commissioner of customs for the Delhi zone, Samanjasa Das, as well as GJEPC office-bearers. Despite the challenges, the industry is confident it will be able to meet the annual export target, he said. Monitoring implementation of measures discussed and addressing systemic issues will be key to the industry in achieving its goals, he said.
