India's gem and jewellery export slightly down at ₹24,913 cr in July 2022
India's gem and jewellery exports have witnessed a marginal decline to ₹24,913.99 crore (USD 3,129.91 million) in July 2022 as compared to the same month in the previous year.
PremiumIndia's gem and jewellery exports have witnessed a marginal decline to ₹24,913.99 crore (USD 3,129.91 million) in July 2022 as compared to the same month in the previous year, the Gem and Jewellery Export Promotion Council (GJEPC) revealed on Thursday.
In July last year, the gem and jewellery exports stood at ₹25,157.64 crore (USD 3,375.62 million), GJEPC said in a statement as quoted by news agency PTI.
Colin Shah, GJEPC Chairman told PTI, "For gem and jewellery exports, July and August are usually dull seasons, however, the shipments were marginally lower this year due to an increase in exports of plain gold jewellery."
The GJEPC data shows that the overall gems and jewellery exports rose by 10.99% to ₹1,03,931.14 crore (USD 13,367.91 million) during the April to July period as compared to ₹93,640.44 crores (USD 12,655.55 million) in the same period of the previous year.
However, the gross export of plain gold jewellery jumped by 24.22% to ₹2,591.67 crores (USD 325.59 million) during the month of July 2022, as compared to ₹2,086.41 crores (USD 280.02 million) recorded in July 2021, according to PTI reports.
The GJEPC stated that the export of plain gold jewellery gained traction post the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Shah said that the GJEPC is hopeful of witnessing the successful conclusion of similar FTAs with the UK and Canada soon, which will further boost exports from India. He also informed that there is consistent and robust demand for jewellery from key global markets and the next few months will be crucial for exporters.
He added that the strong performance at the recently concluded India International Jewellery Show (IIJS) show in Mumbai and the upcoming International Gem and Jewellery Show (IGJS) in Dubai later this year will further give a fillip to exports.
Meanwhile, the GJEPC data also revealed that the overall gross export of Cut and Polished diamonds (CPD) has also declined 7.56% to ₹15,387.93 crores (USD 1,933.32 million) compared to ₹16,646.69 crores (USD 2,233.82 million) posted in July 2021.
(With PTI inputs)
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