Global headwinds impacted gem, jewellery exports in December, council data shows
The Hindu
‘Plain gold jewellery exports surge due to India-UAE trade pact’
While high inflation in the U.S. has begun impacting India’s exports of gem & jewelley, the Comprehensive Economic Partnership Agreement (CEPA) between India and UAE is likely proving beneficial for exports.
In December 2022, the overall gem & jewellery exports witnessed a decline of 11.25% to ₹19,432.88 crore (declined 18.9% in dollar terms to $2,356.70 million) compared with for the same period in the previous year.
However, the total gross export of plain gold jewellery grew 21.31% in the same month to ₹2,369.74 crore (10.97% increase to $287.46 million), according to data released by the Gem & Jewellery Export Promotion Council (GJEPC).
Plain gold jewellery exports from India for April – December 2022, grew 20.98% to ₹24242.91 crore, the data showed.
For the cumulative year-to-date period of April–December 2022, the overall gross exports of gems & jewellery witnessed growth of 6.28% to ₹227,534.50 crore (declined 0.73% to US$ 28,608.22 million) compared with the same period last year.
“The overall exports of gem & jewellery during April-December 2022 show positive trend but December export figures reflect the global headwinds faced by the gem & jewellery industry in terms of inflation and talk of downturn in U.S.”
“However, it is to the credit and enterprise of the Indian gem & jewellery exporters that they have been able to perform even in this challenging scenario. The commissioning of India-UAE CEPA has resulted in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets such as the U.S. and Hong Kong,” he said.
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