India’s gems and jewelry exports throughout May witnessed a year-on-year progress of 20 per cent to Rs 25,365.35 crore (USD 3.28 billion), amid robust demand from key markets, together with the US, the Gem and Jewellery Export Promotion Council (GJEPC) stated on Saturday.
The general gems and jewelry exports stood at Rs 21,156.10 crore (USD 2.89 billion) in May 2021, GJEPC stated in a press release.
Gross exports of gems and jewelry for the interval of April-May 2022 grew 10.08 per cent to Rs 51,050.53 crore (USD 6.65 billion), in comparison with Rs 46,376.57 crore (USD 6.28 billion) throughout April-May 2021.
“I imagine we’re witnessing India’s regular progress in direction of changing into the gem and jewelry producer of selection for the remainder of the world.
“For instance, the April to May 2022 period has seen consistent export growth to many of our key markets, including the US which accounted for USD 2.58 billion, Hong Kong (USD 1.38 billion), UAE (USD 810.16 million) and Belgium (USD 441.37 million),” GJEPC chairman Colin Shah stated.
Given its satisfaction with the trade’s export efficiency final 12 months, the federal government has pushed the aim submit ahead by one other 17 per cent to USD 45.7 billion for 2022-23, he acknowledged.
“I am confident that the groundwork laid by trade agreements with UAE and Australia will help us in reaching this new target. We remain proactive in identifying new opportunities to counterbalance the effects of the Russia-Ukraine conflict,” he added.
Meanwhile, in May exports of Cut and Polished Diamonds (CPD) surged 10.04 per cent to Rs 16,156.03 crore (USD 2,089.17 million), in comparison with Rs 14,681.42 crore (USD 2,004.99 million) in 2021.
Gold jewelry exports (plain and studded jewelry) in May jumped 50.11 per cent to Rs 5,273.40 crore (USD 681.47 million), in comparison with Rs 3,513.08 crore (USD 479.54 million) in May 2021, in line with the information.
Silver jewelry exports throughout April-May 2022 witnessed a decline of 6.63 per cent to Rs 3,728.84 crore (USD 485.41 million), in comparison with Rs 3,993.64 crore (USD 540.19 million) throughout April-May 2021.
Coloured gemstone exports throughout April-May 2022 grew by 106.91 per cent to Rs 584.45 crore (USD 75.99 million) towards Rs 282.47 crore (USD 38.20 million) in the course of the first two months of the earlier monetary 12 months.
Similarly, polished lab-grown diamonds in April-May 2022 witnessed a progress of 105.58 per cent to Rs 2,499.95 crore (USD 325.45 million), in comparison with Rs 1,216.06 crore (USD 164.52 million) throughout the identical interval of the earlier fiscal.
Source: www.financialexpress.com”