Gem and jewellery exports grew 54% to $39.15 billion in FY22

Mumbai

The overall gross exports of gem and jewellery from April 2021 to March 2022 stood at $39.15 billion (₹2,91,771.48 crore), showing a growth of 54.13% in dollar terms (55.75% in rupee terms) compared with $25.40 billion (₹1,87,333.68 crore) in FY21, the Gem & Jewellery Exports Promotion Council (GJEPC) said on Thursday.

In the month of March 2022, the overall gross exports of gem and jewellery stood at $3,393.29 million (₹25,872.83 crore), showing a decline of 0.46% in dollar terms (grew 4.33% in rupee term), as compared with $3,409.07 million (₹24,798.33 crore) for the same period in FY21, the council said.

“India’s exports to global markets bounced back 54%, demonstrating the agility of the Indian Gem and Jewellery pipeline in adjusting quickly to an uncertain business environment marked by temporary COVID lockdowns and unprecedented demand surges,” said Colin Shah, chairman, GJEPC.

“With annual exports of $39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a tenth of the country’s overall $400 billion export target. Out of the total gem and jewellery exports, the cut and polished diamonds segment alone accounted for 62%, or $24,236.57 million, reflecting robust demand from the U.S., UAE, Belgium, and Israel,” he said.

“Our industry has stood hand in hand with the export sector at large in fulfilling the government’s target, and some additional requisite policy support could unleash the industry’s true potential,” Mr. Shah added.

“Having recently signed trade agreements with UAE and Australia, India is poised to gain preferential access for gem and jewellery products in these important growth markets,” he further said.