BackGem, jewellery exports surge 24% to ₹288.3 bln in February: GJEPC
Gross export of cut & polished diamonds also witnessed a strong growth of 32%, while export of gold jewellery grew 29.89%
PremiumNew Delhi: India’s gem and jewellery exports surged 24% year-on-year to ₹288.32 billion in February, buoyed by the swift recovery in Chinese and Middle East markets, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday.
Gross export of cut & polished diamonds also witnessed a strong growth of 32% to ₹195.82 billion during the month, while export of gold jewellery (plain & studded) grew 29.89% to ₹58.29 billion.
“In February 2023, India experienced a noteworthy 32% surge in cut and polished diamond exports, which can be partly attributed to the strong demand from China and the Lunar New Year festivities. Additionally, thanks to the forward-thinking CEPA deal signed with the UAE, there was an equally impressive 45% increase in plain gold jewellery exports, indicating that the Middle East market is rebounding strongly after a slight dip. Furthermore, studded gold jewellery, which is primarily exported to the US, is also showing a promising improvement of around 20%," Vipul Shah, chairman, GJEPC.
“The Hong Kong market had experienced a negative trend in the last few months, but now we’re seeing signs of a rebound. This resurgence in Chinese consumption could potentially lead to even greater improvements. In China, the average savings rate is around 40%, which translates to trillions of dollars that could potentially be spent in a “revenge buying" frenzy, similar to what we’ve seen in other world markets after prolonged lockdown periods. As a result, we anticipate significant growth in the diamond and diamond jewelry industry over the next 6 months," he added.
For the cumulative fiscal year-to-date period of April 2022 - February 2023, the overall gross exports of gems & jewellery witnessed a growth of 5.27% to ₹2789.60 billion.
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