Gems and jewelry exports rebounded in 2021-22 to the touch USD 39.15 billion, exhibiting a virtually 55 per cent leap in comparison with the earlier monetary yr, trade physique GJEPC mentioned on Thursday.
The gross gems and jewelry exports stood at USD 25.40 billion throughout 2020-21, the Gem and Jewellery Export Promotion Council (GJEPC) mentioned in a press release.
Meanwhile, in March the general gross gems and jewelry exports went up by 4.33 per cent to USD 3,393.29 million, a decline of 0.46 per cent in comparison with USD 3,409.07 million for a similar interval in FY21.
“India’s exports to global markets bounced back 54 per cent, demonstrating the agility of the Indian G&J pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges,” GJEPC chairman Colin Shah mentioned.
With annual exports of USD 39.15 billion, the Indian gems and jewelry sector has maintained its promise of contributing a tenth of the nation’s general USD 400 billion export goal, Shah mentioned.
“Out of the entire G&J exports, the lower and polished diamonds section alone accounted for 62 per cent or USD 24,236.57 million, reflecting sturdy demand from the US, the UAE, Belgium, and Israel.
“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,” he added.
Having lately signed commerce agreements with the UAE and Australia, India is poised to realize preferential entry for gem and jewelry merchandise in these necessary progress markets, he famous.
The general exports of lower and polished diamonds (CPD) throughout FY22 stood at USD 24.24 billion, exhibiting a progress fee of fifty.33 per cent in contrast USD 16.29 billion for a similar interval in FY21.
Provisional export of complete gold jewelry for FY22 stood at USD 9.13 billion, exhibiting a progress of 86 per cent in comparison with USD 4.945 billion for a similar interval in FY21.
According to the GJEPC information, the provisional shipments of all types of studded gold jewelry throughout 2021-22, witnessed a progress of 95 per cent at USD 5,352.52 million towards USD 2,768.97 million within the earlier yr.
Provisional gross exports of silver jewelry throughout FY22 stood at USD 2,721.87 million towards USD 2336.82 million within the earlier monetary yr.
Similarly, the gross export of colored gem stones for the April 2021- March 2022 witnessed a progress of 66.82 per cent at USD 311.41 million towards USD 188.66 million within the earlier fiscal yr.
Source: www.financialexpress.com”